December 31, 2019 2019 2018 $ 69,200 29,700 62,200 3,800 164,900 76,600 (11,900) $229,600 $ 17,200 36,500 68,500 3,100 125,300 87,800 (6,700) $206,400 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 1 $ 10,800 6,400 1,100 18,300 22,700 41,000 $ 15,200 3,600 2,000 20,800 53, 100 73,900 162,900 25,700 $229,600 127,800 4,700 $206,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $353, 400 Cost of goods sold 227.500 Gross profit 125,900 Operating expenses Depreciation expense $27,200 Other expenses 64,500 91,700 Income before taxes 34,200 Income taxes expense 12,400 Net incomo $ 21,800 GAN 04 Prey 8 of Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 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. Furniture 87,800 Beg. bal. Purchase of assets End, bal 87,800 Accumulated Depreciation Beg. bal. End, bal Cost Accumulated depreciation Book value (Cash received) $ 0