Assume that no additional notes payable are issued in $2021.$ What cash amount is paid to reduce the notes payable balance in

$2021?$A comparative balance sheet and income statement is shown for Cruz, Incorporated.

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $73,200$ $ $18,300$

Accounts receivable, net $31,40038,800$

Inventory $65,70072,800$

Prepaid expenses $4,1003,300$

Total current assets $174,400133,200$

Furniture $82,70093,500$

Accumulated depreciation$$Furniture $(12,800)(7,100)$

Total assets $ $244,300$ $ $219,600$

Liabilities and Equity

Accounts payable $ $11,500$ $ $16,200$

Wages payable $6,8003,800$

Income taxes payable $1,1002,100$

Total current liabilities $19,40022,100$

Notes payable $($long$-$term$)22,70055,700$

Total liabilities $42,10077,800$

Equity

Common stock, $$5$ par value $173,100134,500$

Retained earnings $29,1007,300$

Total liabilities and equity $ $244,300$ $ $219,600$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $375,900$

Cost of goods sold $241,900$

Gross profit $134,000$

Operating expenses $($excluding depreciation$)68,600$

Depreciation expense $28,900$

Income before taxes $36,500$

Income taxes expense $13,300$

Net income $ $23,200$

Assume that all common stock is issued for cash. What amount of cash dividends is paid during $2021?$

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.

Assume that all common stock is issued for cash. What amount of cash dividends is paid during $2021?$

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