Using the direct message, prepare the statement of cashflows for the year ended June 30, 2019.

A1 P2 P3 IKIBAN INC. Income Statement For Year Ended June 30, 2019 IKIBAN INC. Comparative Balance Sheets $678,000 411,000 267.000 2019 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses. $58,600 67,000 125,600 141,400 $ 87,500 65,000 63,800 4,400 220.700 124,000 (27,000) $317,700 At June 30 Assets Cash. Accounts receivable, net Inventory Prepaid expenses. Total current assets Equipment Accum. depreciation-Equipment... Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable. Total current liabilities Notes payable (long term) Total liabilities $ 44,000 51.000 86,500 5,400 186,900 115,000 (9.000) $292.900 Other gains (losses) Gain on sale of equipment. Income before taxes Income taxes expense Net income 2.000 143,400 43,890 $ 99,510 $ 25,000 6.000 3,400 34,400 30,000 64.400 $ 30,000 15.000 3,800 48,800 60.000 108,800 Additional Information 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, yield- ing 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. Equity Common stock. $5 par value....... Retained earnings. Total liabilities and equity.......... 220,000 33,300 $317,700 160.000 24,100 $292.900 Check (16) Cash paid for dividends. $90.310 (10) Cash received from equip. sale. $10.000