2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 75,900 Accounts receivable, net 32,600 Inventory 68,300 Prepaid expenses 4,200 Total current assets 181,000 Furniture 84,600 Accumulated depreciation-Furniture (13, 100) Total assets $ 252,500 Liabilities and Equity Accounts payable $ 11,900 Wages payable 7,100 Income taxes payable 1,200 Total current liabilities 20, 200 Notes payable (long-term) 24,800 Total liabilities 45,000 Equity Common stock, $5 par value 177,300 Retained earnings 30,200 Total liabilities and equity $ 252,500 $ 18,900 40,100 75,300 3,500 137,800 99,200 (7,500) $ 229,500 $ 16,900 4,000 2,200 23,100 58,400 81,500 141,500 6,500 $ 229,500 CRUZ, 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 Net income $ 392,900 252,900 140,000 71,600 30, 200 38,200 13,900 $ 24,300 --- - operating expenses excluaing gepreciation) Depreciation expense Income before taxes Income taxes expense Net Income DUU 30,200 38,200 13,900 $ 24,300 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? 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 Ending balance 0 Required 1 Required 2 > uperating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income H, DUV 30,200 38,200 13,900 $ 24,300 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Notes Payable Beginning balance Ending balance (Required 1 Required 2