A comparative balance sheet and income statement is shown for Cruz, Inc. 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 64,400 Accounts receivable, net 27,800 Inventory 58,200 Prepaid expenses 3,600 Total current assets 154,000 Furniture 72,600 Accum. depreciation-Furniture (11,300) Total assets $215,300 Liabilities and Equity Accounts payable $ 10,100 Wages payable 6,100 Income taxes payable 1,000 Total current liabilities 17,200 Notes payable (long-term) 20,700 Total liabilities 37,900 Equity Common stock, $5 par value 154,500 Retained earnings 22,900 $215,300 Total liabilities and equity $ 16,200 34,400 64,600 2,900 118,100 82,200 (6,200) $194,100 $ 14,300 3,400 1,800 19,500 47,800 67,300 124,000 2,800 $194,100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $332,400 Cost of goods sold 213,900 Gross profit 118,500 Operating expenses Depreciation expense $25,600 Other expenses 60, 700 86,300 Income before taxes 32,200 Income taxes expense 11,800 Net income $ 20,400 Income before taxes Income taxes expense 32,200 11,800 $ 20,400 Net income 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 2019? Retained Earnings 82,200 Beg. bal End. bal. 82,200 60, 700 other expenses Income before taxes Income taxes expense 86, 300 32,200 11,800 $ 20,400 Net income 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 bala 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 2019? Notes Payable Beg. bal. End. bal