CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 64,308 $16,100 Accounts receivable, net 27,600 34,100 Inventory 57,700 64,000 Prepaid expenses 3,600 2,900 Total current assets 153, 200 117,100 Furniture 72,600 82,200 Accum. depreciation-Furniture (11,200) (6,200) Total assets $214,600 $193,100 Liabilities and Equity Accounts payable $ 10,100 $14,200 Wages payable 6,000 3,300 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 17,100 19,300 20,600 47,708 37,700 67,000 154,700 123,700 22,200 2,400 Total liabilities and equity $214,686 $193,100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $338,500 212,700 117,800 $25,400 60,308 85,700 32,100 11,700 28,400 Furniture costing $71,500 is sold at its book value in 2019. Acquisitions of furniture total $61,900 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. Beg bal Furniture End, bal Beg. bal End bal Accumulated Depreciation Cost Accumulated depreciation Book value (Cash received)