CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable (17,500) 2021 2020 $ 99,300 42,600 $ 24,900 52,800 89,100 99,200 5,600 4,500 236,600 181,400 113,000 127,500 (9,600) $ 332,100 $ 299,300 $ 15,700 $ 22,000 9,400 5,000 Income taxes payable 1,500 2,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 26,600 29,800 30,900 74,300 57,500 104,100 241,200 192,600 33,400 2,600 Total liabilities and equity $ 332,100 $ 299,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 512,300 329,700 182,600 93,500 39,400 49,700 18,100 $ 31,600 Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300 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 Purchase of assets Sale of assets Furniture Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation 0 0 Book value (Cash received) $ 0