December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 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 $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000 35,600 $319,000 179,000 8,400 $285,000 Total liabilities and equity ces CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $488,000 314,e00 174,080 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense $37,600 89,100 126,780 47,300 17,300 $ 30,000 Net income Furniture costing $55,000 is sold at its book value in 2019. Acquisitions of furniture total $45,000 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 Answer is not complete. Furniture Beg bal 119,000 Sale of assets 45,000 End bal 74,000 Accumulated Depreciation Beg bal 9,000 Sale of assets 40,000 2019 depreciation 55,000 End bal 24,000 Cost 45,000 Accumulated depreciation Book value (Cash received) 40,000 5,000