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Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26,800 Total liabilities 48,800 Equity Common stock, $5 par value 198,800 Retained earnings 28,000 Total liabilities and equity $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000) $ 246,800 $ 18,200 4,300 2,400 24,900 63,700 88,600 155,300 2,900 $ 246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $ 422,500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77,100 109,600 A1nnn CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $422.500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14,900 Net Income $26.100 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. 2.900 26,100 Dividends paid 1.000 Endhal 28.000 Beg. bal. Payment on notes payable Notes Payable 63.700 36.900 End, bal