2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable, net 42,600 Inventory 89, 100 Prepaid expenses 5,600 Total current assets 236,600 Furniture 113,000 Accum. depreciation-Furniture (17,500) Total assets $332,100 Liabilities and Equity Accounts payable $ 15,700 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,600 Notes payable (long-term) 30,900 Total liabilities 57,500 Equity Common stock, $5 par value 241,200 Retained earnings 33,400 Total liabilities and equity $332,100 $ 24,900 52,800 99,200 4,500 181,400 127,500 (9,600) $299, 300 $ 22,000 5,000 2,800 29,800 74,300 104,100 192,600 2,600 $299, 300 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $512,300 Cost of goods sold 329,700 Gross profit 182,600 Operating expenses Depreciation expense $39,400 Other expenses 93,500 132,900 Income before taxes 49,700 Income taxes expense 18,100 Net income $ 31,600 Furniture costing $74,800 is sold at its book value in 2019. Acquisitions of furniture total $60,300 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 Beg. bal. Purchase of assets Sale of assets End. bal. Accumulated Depreciation Beg. bal. 2019 depreciation Sale of assets End. bal. Cost Accumulated depreciation Book value (Cash received)