1 At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets 100 points Cash Inventory Accounts receivable, net Prepaid expenses Total current assets Hint Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 $ 91,100 39,100 2020 $ 22,900 48,600 81,800 91,300 5,200 4,100 217,200 166,900 105,000 (16,200) $ 306,000 $ 14,400 8,600 $ 274,400 $ 20,200 4,500 116,200 (8,700) Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 36,300 172,100 8,700 Total liabilities and equity $ 306,000 $ 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 469,700 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 Furniture costing $77,000 is sold at its book value in 2021. Acquisitions of furniture total $65,800 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Purchase of assets Furniture Ending balance 0 Accumulated Depreciation Beginning balance 2021 depreciation 36,200 Ending balance 36,200 Cost Accumulated depreciation Book value (Cash received) $ 0