5.55 8 points QS 16-13 Computing cash from asset sales LO P3 CRUB, INC. Comparative Balance Sheets December 11, 2019 Skipped Assets Cash Accounts receivable, net Inventory References Book H 10 10 Print Prepaid expense Total current assets Purniture 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 2019 2018 $99,000 42,800 $ 25,000 53,100 89,600 99,700 5,600 4,400 237,000 182,200 $332,400 113,000 124,700 17,4001 9,400) $297,500 $ 15,600 $ 21,900 9,400 5,200 1,500 2-700 26,500 25.000 31,100 65,700 57.600 $5,500 230,600 190,000 36,200 12,000 Total liabilities and equity $332,400 $297,500 CHUE, INC. Income Statement For Year Ended December 31, 2019) Sales $509,400 Cost of goods sold 327,900 Gross profit 181,600 Operating expenses Depreciation expense $39,200 Other expenses 92,900 132,100 Income before taxes 49,500 18,100 $ 31,400 Income taxes expense Set incon Furniture costing $56,100 is sold at its book value in 2019. Acquisitions of furniture total $44,400 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. For Year Ended December 31, 2019 Sales $509,400 Cost of goods sold 327,800 Gross profit 181,600 Operating expenses Depreciation expense $39,200 Other expenses 92,900 132,100 Income before taxes 49,500 Income taxes expense Net income 18,100 $ 31,400 Furniture costing $56,100 is sold at its book value in 2019. Acquisitions of furniture total $44,400 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 Furniture End. bal Accumulated Depreciation. Beg. bal. End. bal. Cost Accumulated depreciation Book value (Cash received) 0