2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 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, 2019 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 1. Assume that all common stock is issued for cash. What amount of cash Income before taxes Income taxes expense Net income OU 36,500 13,300 $ 23,200 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? Retained Earnings Beg. bal. 2019 Net income 0 End, bal. (Required Required 2 > 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balu 2019? + Notes Payable Beg bal. Notes payable issued Payment on notes payable End. bal. 0