7 At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets 1.11 points eBook Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Hint Income taxes payable Ask Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Print References 2021 $ 62,700 27,000 56,600 2020 $ 15,700 33,300 62,500 3,500 2,900 114,400 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,000 1,800 16,800 19,100 20,700 47,800 37,500 66,900 152,200 19,700 123,000 500 $ 209,400 $ 190,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 326,000 209,800 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 116,200 59,500 25,100 31,600 11,500 $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? 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 2021? Beginning balance Retained Earnings Ending balance < Required 1 Required 2 >