You received IBAN INC Comparative Balance Sheets June 30, 2017 and 2016 016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum, depreciation-Equipment Total assets 93,700 67,000 99,500 86,800121,000 74,000 6,70010-000 272,000 47,000 138,000 286,7002 (38.500) (20500) $395,200 $389,500 Liabilities and Equity Nccounts payable Wages payable $48,000 64,500 19,600 8,300 5,700500 Incone taxes payable Total current liabilities Notes payable (long term) 8,400 2,00092, 500 53,00083,000 115,000 175,500 Total 1iabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 266,000 183,000 -31.000 $395,200 $389,500 IKIBAN INC Income Statement For Year Ended June 30, 201 Cost of goods sold Gross profit Operating expeases 434,000 59,000 Depreciation expense Other expenses 581,600 90,000 Total operating expenses 187,40o Other gains (losnen) Gain on sale of eqaipment Income taxes expense 145,510 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 . New equipment is acquired for $80,600 cash d. Recelved cash for the sale of equipment that had cost $71,600, ylelding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement t. All purchases and sales of inventory are on credit