CRUZ, INC. Income Statement For Year Ended December 31, 2018 Sales $ 466,600 Cost of goods sold 300, 300 Gross profit 166,300 Operating expenses Depreciation expense $35,900 Other expenses 85,200 121,100 Income before taxes 45,200 Income taxes expense 16,500 Net income $ 28,700 Furniture costing $74,300 is sold at its book value in 2018. Acquisitions of furniture total $61,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the T-accounts below to determine the cash received from the sale of furniture. Furniture Beg. bal. Purchase of assets Sale of assets End. bal. Accumulated Depreciation Beg. bal. Sale of assets 2018 depreciation End. bal. 0 1 Cash received from sale of furniture Cost Accumulated depreciation Book value (Cash received) Required intormation [The following information applies to the questions displayed belov A comparative balance sheet and income statement is shown for C 2017 CRUZ, INC. Comparative Balance Sheets December 31, 2018 2018 Assets Cash $ 90,700 Accounts receivable, net 38,900 Inventory 81,300 Prepaid expenses 5,100 Total current assets 216,000 Furniture 102,900 Accum. depreciation Furniture (15,900) Total assets $303,000 Liabilities and Equity Accounts payable $ 14,300 Wages payable 8,500 Income taxes payable 1,400 Total current liabilities 24,200 Notes payable (long-term) 28,800 Total liabilities 53,000 Equity Common stock, $5 par value 215,100 Retained earnings 34,900 Total liabilities and equity $303,000 $ 22,700 48,100 90,300 4,100 165,200 116,200 (8,800) $272,600 $ 20,000 4,600 2,500 27,100 66,300 93,400 171,900 7,300 $272,600 CRUZ, INC. Income Statement For Year Ended December 31, 2018 Sales $466600