2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 64,300 Accounts receivable, net 27,600 Inventory 57, 700 Prepaid expenses 3,600 Total current assets 153,200 Furniture 72,600 Accum. depreciation-Furniture (11,200) Total assets $214,600 Liabilities and Equity Accounts payable $ 10, 100 Wages payable 6,000 Income taxes payable 1,000 Total current liabilities 17,100 Notes payable (long-term) 20,600 Total liabilities 37,700 Equity Common stock, $5 par value 154,700 Retained earnings 22,200 Total liabilities and equity $214,600 $ 16,100 34, 100 64,000 2,900 117, 100 82,200 (6,200) $193, 100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $ 193, 100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $330,500 Cost of goods sold 212, 700 Gross profit 117,800 Operating expenses Depreciation expense $25,400 Other expenses 60,300 85,700 Income before taxes 32,100 Income taxes expense 11,700 Net income $ 20,400 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 20197 Retained Earnings Beg. bal End, bal 0 Require t 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 balance in 20197 Notes Payable Reg. bal. End, bal 0