2020 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $ 285,000 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 94,800 Accounts receivable, net 41,000 Inventory 85,800 Prepaid expenses 5,400 Total current assets 227,000 Furniture 109,000 Accumulated 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 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 5 285,000 $ 488,000 314,000 174,000 89, 100 37,600 47,300 17,300 $ 30,000 Furniture costing $55,000 is sold at its book value in 2021. 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 furniture Furniture Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received)