CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $325,900 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $292,900 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 $ 15,400 9,200 1,500 26,100 30,900 57,000 $ 21,500 4,900 2,700 29,100 71,600 100,700 232,600 36,300 $325,900 185,600 6,600 $292,900 CRUZ, INC. come Statement For Year Ended December 31, 2019 Sales $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation expense $ 38,600 Other expenses 91,600 130,200 Income before taxes 48,500 Income taxes expense 17,700 Net income $ 30,800 Furniture costing $73,700 is sold at its book value in 2019. Acquisitions of furniture total $60,000 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. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture 30.800 Beg. bal. Purchase of assets Sale of assets 38,600 7.800 End, bal. Accumulated Depreciation Beg. bal. End. bal. Cost Accumulated depreciation Book value (Cash received) $ 0