2017 CRUZ, INC. Comparative Balance Sheets December 31, 2018 2018 Assets Cash $ 73,200 Accounts receivable, net 31,400 Inventory 65,700 Prepaid expenses 4,100 Total current assets 174,400 Furniture 82,700 Accum. depreciation-Furniture (12,800) Total assets $ 244,300 Liabilities and Equity Accounts payable $ 11,500 Wages payable 6,800 Income taxes payable 1,100 Total current liabilities 19,400 Notes payable (long-term) 22,700 Total liabilities 42,100 Equity Common stock, $5 par value 173,100 Retained earnings 29,100 Total liabilities and equity $244,300 $ 18,300 38,800 72,800 3,300 133,200 93,500 (7,100) $219,600 $ 16,200 3,800 2,100 22,100 55,700 77,800 134,500 7,300 $219,600 CRUZ, INC. Income Statement For Year Ended December 31, 2018 Sales $375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses Depreciation expense $ 28,900 Other expenses 68,600 97,500 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 Furniture costing $69,800 is sold at its book value in 2018. Acquisitions of furniture total $59,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the T-accounts below to determine the cash received from the sale of furniture. Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal. 2018 depreciation End. bal. Cash received from sale of furniture Cost Accumulated depreciation Book value (Cash received)