A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 64,400 $ 16, 200 Accounts receivable, net 27,800 34,400 Inventory 58,200 64,600 Prepaid expenses 3,600 2,900 Total current assets 154,000 118,100 Furniture 72,600 82,200 Accum. depreciation-Furniture (11,300) (6,200) Total assets $215, 300 $ 194,100 Liabilities and Equity Accounts payable $ 10,100 $ 14,300 Wages payable 6,100 3,400 Income taxes payable 1,000 1,800 Total current liabilities 17,200 19,500 Notes payable (long-term) 20,700 47,800 Total liabilities 37,90067,300 Equity Common stock, $5 par value 154,500 124,000 Retained earnings 22,900 2,800 Total liabilities and equity $215,300 $194,100 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $332,400 Cost of goods sold 213,900 Gross profit 118,500 Operating expenses Depreciation expense $ 25,600 Other expenses 60, 700 86,300 Income before taxes 32,200 Income taxes expense 11,800 Net income $ 20,400 Furniture costing $56,600 is sold at its book value in 2017. Acquisitions of furniture total $47,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture Beg. bal End. bal. L o Accumulated Depreciation Beg. bal Cost Accumulated depreciation Book value (Cash received) 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Retained Earnings Beg. bal. End, bal. 0 Notes Payable Beg. bal. End. bal 0