CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture $ 94,800 41,000 2020 $ 24,000 51,000 85,800 95,800 5,400 4,200 227,000 175,000 109,000 119,000 Accum. depreciation-Furniture (17,000) (9,000) Total assets $319,000 $285,000 Liabilities and Equity Accounts payable $15,000 $ 21,000 Wages payable 9,000 5,000 Income taxes payable 1,400 2,600 Total current liabilities 25,400 28,600 Notes payable (long-term) 29,000 69,000 es Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 54,400 97,600 229,000 179,000 35,600 $319,000 8,400 $285,000 CRUZ, INCORPORATED Income Statement Sales For Year Ended December 1, 2021 $488,000 314,000 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income 174,000 89,100 37,600 47,300 17,300 $ 30,000 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021 What cash amount is paid to reduce the notes payable balance in 2021