Required information Use the following information for the Quick Study below The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Inc points eBook CRUZ, INC Comparative Balance Sheets December 31, 2018 2018 2017 Hint Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets 91,100 22,980 48,600 91,300 4,100 166,900 105,000 116,200 8,700 $306,000 274,400 39,100 81,800 5,200 217,200 Print 16,200 References Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par valu Retained earnings $14,400 20,200 4,500 8,600 1,400 24,400 28,900 53,300 27,200 66,400 93,600 172,100 8,700 $306,000 $274,400 216,400 36,300 Total liabilities and equity CRUZ, INC Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses $469,700e 302,300 167,400 Depreciation expense $ 36,200 Other expenses Income before taxes Income taxes expense Net income 85,900 122,100 45, 300 16,500 $ 28,80e CRUZ, INC Income Statement For Year Ended December 31, 2018 Sales Cost of goods solod Gross profit Operating expenses $469,700 167,408 Depreciation expense $36,288 85,982122,10 Other expenses Incone before taxes Incone taxes expense Net income 45,300 $ 28,808 QS 12-12 Computing cash from asset sales LO P3 Furniture costing S76,200 is sold at its book value in 2018. Acquisitions of furniture total $65,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the T-accounts below to determine the cash received from the sale of furniture Beg. bal End bal Beg. bal End. bal. h received from sale of furniture Cost Book value (Cash received)