A comparative balance sheet and income statement is shown for Cruz, Incorporated 2020 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, eee Accum. depreciation-Furniture (17,000) Total assets $ 319,000 Liabilities and Equity Accounts payable $ 15,000 Wages payable 9, eee Income taxes payable 1,400 Total current liabilities 25,400 Notes payable (long-term) 29.eee Total liabilities 54,400 Equity Common stock, $5 par value 229, eee Retained earnings 35,600 Total liabilities and equity $ 319, eee $ 24, eee 51,000 95,800 4,200 175,000 119, eee (9,000) $ 285,800 $ 21,000 5,000 2,600 28,680 69,000 97,689 179, eee 8,400 $285,000 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 $ 488,000 314,000 174,000 89,100 37,600 47,300 17,300 $ 30,000 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? 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 $ 488, eee 314,000 174, eee 89, 189 37,6ee 47,380 17,300 $ 30,eee 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 20212 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? Retained Earnings Beginning balance Ending balance 0 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 $ 488,888 314,000 174, eee 89, 100 37,600 47,300 17,300 $ 30,000 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 no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Notes Payable Beginning balance Ending balance