QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 2020 Assets Cash Accounts receivable, net $ 64,300 27,600 $ 16,100 Inventory 57,700 34,100 64,000 Prepaid expenses 3,600 2,900 Total current assets. 153,200 117,100 Furniture 72,600 82,200 Accumulated depreciation-Furniture (11,200) (6,200) Total assets $214,600 $193,100 Liabilities and Equity Accounts payable $10,100 $14,200 Wages payable 6,000 3,300 Income taxes payable 1,000 1,800 nces Total current liabilities Notes payable (long-tern) Total liabilities Equity Common stock, $5 par value 17,100 19,300 20,600 47,700 37,700 67,000 154,700 123,700 Retained earnings 22,200 2,400 Total liabilities and equity $214,600 $193,100 CRUS, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income $330,500 212,700 117,800 60,300 25,400 32,100 11,700 $ 20,400 Furniture costing $71,500 is sold at its book value in 2021. Acquisitions of furniture total $61,900 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. Furniture Beginning balance