At December 31. Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets 2020 Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-tern) Total liabilities Equity Connon stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED Income Statement 2019 $ 25,000 53,100 99,700 $ 99,000 42,800 89,600 5,600 4,400 237,000 182,200 113,000 124,700 (17,600) (9,400) $ 332,400 $297,500 $ 15,600 9,400 $ 21,900 5,200 1,500 2,700 26,500 29,800 31,100 65,700 57,600 95,500 238,600 190,000 36,200 12,000 $332,400 $297,500 For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense $ 509,400 327,800 181,600 92,900 39,200 49,500 18,100 $31,400 Net income Furniture costing $56,100 is sold at its book value in 2019. Acquisitions of furniture total $44,400 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 costing $56,100 is sold at its book value in 2019. Acquisitions of furniture total $44,400 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. Beginning balance Ending balance Furniture Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received) $ D