A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 z 2016 $ 64,400 27,800 58,200 3,600 154,000 72,600 (11,380) $215,300 $ 16,209 34,400 64,600 2,909 118,100 82,200 (6,200) $ 194,100 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 10,100 6,100 1,000 17,200 20,700 37,900 $ 14,380 3,400 1,800 19,500 47,800 67, 300 154,500 22,900 $215,300 124,000 2,800 $ 194,100 CRUZ, INC. Income Statement For Year Ended December 31, 2017 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 tas 32,200 Income taxes expense 800 Net income $ 20,400 Furniture costing $56,600 is sold at its book value in 2017. Acquisitions of furniture total $47,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture Beg bal. End, bal Accumulated Depreciation Beg, bal End, bal Cost Accumulated depreciation Book value (Cash received) 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Retained Earnings Bea bal End, ba Notes Payable Beg be End, bal 1. How much cash is received from sales to customers for year 2017? Accounts Receivable Beg. bal. End, bal