2019 2018 $ 85,600 36,800 77,100 4,700 204,200 94,700 (14,700) $284,200 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $257,400 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 13,400 8,000 1,400 22,800 28,900 51,700 $ 19,000 4,500 2,500 26,000 66,400 92,400 204,000 28,500 $284,200 162,300 2,700 $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 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. Beg. bal. Purchase of assets Furniture 110,500 49, 100 Sale of assets 64,900 End. bal. 94,700 8,400 Accumulated Depreciation Beg. bal. 2019 depreciation Sale of assets 15,800 33,900 End. bal. 26,500 Cost $ 64,900 Accumulated depreciation Book value (Cash received) $ 64,900