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Furniture costing $64,900 is sold at its book value in 2019. Acquisitions of furniture total $49,100 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. End. hat 0 Accumulated depreciation Book value {Cash received} $ 0 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 85, 600 $ 21, 300 Accounts receivable, net 36,800 45, 200 Inventory 77, 100 84,900 Prepaid expenses 4,700 3,900 Total current assets 204, 200 155, 300 Furniture 94, 700 110, 500 Accum. depreciation-Furniture (14, 700) (8, 400) Total assets $284, 200 $257, 400 Liabilities and Equity Accounts payable $ 13, 400 $ 19,000 Wages payable 8, 000 4,500 Income taxes payable 1, 400 2, 500 Total current liabilities 22, 800 26,000 Notes payable (long-term) 28, 900 66, 400 Total liabilities 51 , 700 92 , 400 Equity Common stock, $5 par value 204,000 162, 300 Retained earnings 28, 500 2, 700 Total liabilities and equity $284, 200 $257, 400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $440, 700 Cost of goods sold 283, 700 Gross profit 157,000 Operating expenses Depreciation expense $33, 900 Other expenses 80, 400 114, 300 Income before taxes 42, 700 Income taxes expense 15,500 Net income $ 27, 200