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Required information Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following information applies to the questions displayed below] The following financial statements and additional information are reported. Comparative Balance Sheets une 30, 2817 and 2816 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 94,300 $ 66,000 73,ee0 98,609 85,888 6,600 284,708 146,890 119,508 9,800 268,38e 137,000 20,000 $392,700 $385,300 Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity s47,600 63,e00 19,480 8,200 98,660 82,000 112,880 172,680 8,280 ,600 60,889 52,000 Common stock, $5 par value Retained earnings Total liabilities and equity 264,800182,880 15.98038,700 $392,700 $385,300 IKIBAN INC. Income Statement For Year Ended June 38, 2017 Sales Cost of goods sold Gross profit Operating expenses $788 433,0ee 355,000 Depreciation expense $80,600 89,000 Other expenses Total operating expenses 169,600 185,400 Other gains (losses) casin on sale of equieent Income before taxes Incone taxes expense Net incone 189,600 46 $143,510 Additional Information o. A $30,000 b. The only changes affecting retained earnings are net income and cash dividends paid. note payable is retired at its $30,000 carrying (book) value in exchange for casth New equipment is acquired for $79.600 cash. d. Received cash for the sale of equipment that had cost $70.600, yielding a $4.200 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit