Use the following financial statements and additional information

Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information use the following financial statements and additional information. IXIBAN INCORPORATED Comparative Balance Sheets June 30, 2021 and 2020 87,500 44, ooo 65,000 51, 000 63,800 86,500 220,700 186, 900 124,000 115,000 $ 25,000 15, 000 34,400 48,800 30 000 64,400 108, 220,000 160, ooo 317,700 78,000 267 , ooo 58,600 141,400 143,400 $ 99,510 the year ended 30. 2021 using the Direct Method _ Hint tab to o f . List o 2021 4 400 $ 317,700 6,000 3 400 300 33 2020 Assets Cash Accounts receivable, Inven tory prepaid expenses Total current assets Equipment cash net 5 400 Accumulated depreciationequipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total Equ ty Cormon stock, $5 par value Retained earnings total liabilities and equity INCORPORATED Income Statement $ 292,900 3 800 60 000 100 24 $ 292,900 General Trial Dire M ethOd Ledger Indirect Journal For Year Ended June 30, 2021 67 000 411 125 2 43 000 600 ooo 890 Prepare the operating activities section Of the statement or cash "ows using the indirect method. Ent' reductions to net cash provided by operating activities as negative values. n adjusted Statement Of Cash Flows (Indirect Method) Year En&d 2021 Cash news 'rorn activities: Adjustments to reconcile not income to net cash provided by operating activities: Income statement items not affecting cash in Current operating and a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid, c. New equipment is acquired for $57,600 cash. d. Received cash for the sale of equipment that had cost $48.600, yielding a $2,000 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.