CRUZ, INCORPORATED Comparative Balance Sheets Total current assets Furniture At December 31 2021 2020 Assets $ $ Cash 91,100 22,900 Accounts receivable, net 39,100 48,600 Inventory 81,800 91,300 Prepaid expenses 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $ $ 306,000 274,400 $ 14,400 $ 20,200 8,600 4,500 1,400 2,500 Accumulated depreciation- Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. 24,400 27,200 28,900 66,400 53,300 93,600 Equity Common stock, $5 par value 216,400 172,100 Retained earnings 36,300 8,700 Total liabilities and $ $ equity 306,000 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ Sales 469,700 Cost of goods sold 302,300 Gross profit 167,400 Operating expenses (excluding depreciation) 85,900 Depreciation expense 36,200 Income before taxes: 45,300 Income taxes expense 16,500 Net income $ 28,800 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? Complete this question by entering your answers in the tabs below. Required Required 1 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid. during 2021? Retained Earnings Beginning balance Ending balance