Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return W December 31, 2018 2018 2017 Part 2 of 3 $ 62,700 27,000 56,600 3,500 149,800 70,500 (10,900) $ 209,400 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $190,400 1.12 points 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 $ 9,900 5,900 1,000 16,800 20,700 37,500 $ 14,000 3,300 1,800 19, 100 47,800 66,900 152,200 19,700 $ 209,400 123,000 500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2018 Sales $326,000 Cost of goods sold 209,800 Gross profit 116,200 Operating expenses Depreciation expense $25,100 Other expenses 59,500 84,600 Income before taxes 31,600 Income taxes expense 11,500 Net income $ 20,100 Return to question Furniture costing $62,700 is sold at its book value in 2018. Acquisitions of furniture total $51,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the T-accounts below to determine the cash received from the sale of furniture. Part 2 of 3 Answer is not complete. 1.12 points Furniture 116,200 Beg. bal. 774,300 X 61,000 X Purchase of assets End. bal. 102,900 X 700,000 Accumulated Depreciation 28,800 X Beg. bal. 8,800 35,900 115,900 X 100,000 End. bal. $ Cash received from sale of furniture Cost Accumulated depreciation Book value (Cash received) 76,200 28,700 47,500