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10 QS 12-17 (Algo) Computing financing cash outflows LO P3 8.33 points A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 90,700 Accounts receivable, net 38,900 Inventory 81,300 Prepaid expenses 5.100 Total current assets 216.000 Furniture 102,900 Accumulated depreciation Furniture (15.900) Total assets $ 303,000 Liabilities and Equity Accounts payable $ 14,300 Wages payable 8,500 Income taxes payable 2,400 Total current liabilities 24,200 Notes payable (long-term) 20.800 Total liabilities 53,000 quity Common stock. 55 par value 215,100 Retained earnings 34.900 Total liabilities and equity $ 303,000 $ 22.700 48.100 90,300 4.100 165,200 116,200 (6800) $ 272,600 $ 20,000 4.600 2,500 27,100 66,300 93,400 171,900 2300 $ 272,600 CRUE, INCORPORATED Income Statement Tor Year Ended December 31, 2021 Sales cost of goods sold Cross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 466,600 300,300 166,300 85,200 35.900 45,200 16.500 $ 28,700 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 20212 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Retained Earnings Beginning balance 7,300 2021 Net Income 28,700X Dividends pald Ending balance 36,000 Figured Required 2 >