2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 90,700 Accounts receivable, net 38,900 Inventory 81,300 Prepaid expenses 5, 100 Total current assets 216,000 Furniture 102,900 Accum. depreciation-Furniture (15,900) Total assets $303,000 Liabilities and Equity Accounts payable $ 14,300 Wages payable 8,500 Income taxes payable 1,400 Total current liabilities 24,200 Notes payable (long-term) 28,800 Total liabilities 53,000 Equity Common stock, $5 par value 215,100 Retained earnings 34,900 Total liabilities and equity $303,000 $ 22,700 48, 100 90,300 4,100 165,200 116,200 (8,800) $272,600 $ 20,000 4,600 2,500 27, 100 66,300 93,400 171,900 7,300 $272,600 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $466,600 Cost of goods sold 300,300 Gross profit 166,300 Operating expenses Depreciation expense $35,900 Other expenses 85,200 121,100 Income before taxes 45,200 Che Depreciation expense Other expenses Income before taxes Income taxes expense Net income $35,900 85,200 121,100 45,200 16,500 $ 28,700 Furniture costing $72,600 is sold at its book value in 2019. Acquisitions of furniture total $59,300 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. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture 116,200 Beg. bal. End. bal. 116,200 Accumulated Depreciation Beg. bal. End. bal. Furniture Beg. bal. 116,200 End. bal. 116,200 Accumulated Depreciation Beg. bal. End. bal. 0 Cost Accumulated depreciation Book value (Cash received) $ 0