2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash 94,800 Accounts receivable, net 41,000 Inventory 85,800 Prepaid expenses 5,400 Total current assets 227,000 Furniture 109,000 Accum. depreciation-Furniture (17,000) Total assets $319,000 Liabilities and Equity Accounts payable $ 15,000 Wages payable 9,000 Income taxes payable 1,400 Total current liabilities 25,400 Notes payable (long-term) 29,000 Total liabilities 54,400 Equity Common stock, $5 par value 229,000 Retained earnings 35,600 Total liabilities and equity $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 $ 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 $285,000 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89, 100 126,700 Income before taxes 47,300 Income taxes expense 17/ 300 Net income $ 30,000 Furniture costing $55,000 is sold at its book value in 2019. Acquisitions of furniture total $45,000 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 fumiture. Furniture Beg bal End, bal 0 Accumulated Depreciation Beg. bal End, bal Cost Accumulated depreciation Book value (Cash received) $ 0