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Required Information Use the following information for the Quick Study below. (The following formatoh applies to the questions displayed below] A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory $ 62,800 $ 15,700 27,000 33,300 56,600 62,500 3,500 2,900 149,900 114,400 79,500 82,200 (10,900) (6,200) $209,500 $190,400 $ 9,900 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 5,900 1,800 $ 14,000 3,300 1,800 19, 100 47,800 66,900 16,800 20,700 37,500 150,000 121,800 22,090 2,500 $209,500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2017 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 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 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $63,700 is sold at its book value in 2017. Acquisitions of furniture total $52,000 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 Purchase of assets 52,000 End bal 52,000 Accumulated Depreciation Beg. bal. Sale of assets End, bal 25,100 25,100 Cost $ 63.700 Accumulated depreciation Book value (Cash received $ 63,700