107 8 P 10 10 QS 12-13 (Algo) Computing cash from asset sales LO P3 At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses Tetal current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 3821 2020 $71,600 $ 18,000 10,900 18,200 64,700 71,700 4,000 3,300 171,200 131,200 88,600 93,500 (12,500) (7,000) $239,300 $217,700 $ 11,300 $16,000 3,800 6,800 1,100 19,200 21,900 2,100 22,800 42,000 55,800 77,700 174,100 23,200 138,700 1,300 Total liabilities and equity $ 239,300 $217,700 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense. Net income $372,800 239,900 132,900 68,100 28,700 36,100 13,200 $ 22,900 Furniture costing $59,400 is sold at its book value in 2021. Acquisitions of furniture total $46,500 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.