QS $12-17($Algo$)$ Computing financing cash outflows LO P$3$

A comparative balance sheet and income statement is shown for Cruz, Incorporated.

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $85,900$ $ $21,600$

Accounts receivable, net $36,90045,800$

Inventory $77,20086,000$

Prepaid expenses $4,9003,900$

Total current assets $204,900157,300$

Furniture $98,900110,500$

Accumulated depreciation$$Furniture $(15,300)(8,300)$

Total assets $ $288,500$ $ $259,500$

Liabilities and Equity

Accounts payable $ $13,600$ $ $19,100$

Wages payable $8,1004,300$

Income taxes payable $1,3002,400$

Total current liabilities $23,00025,800$

Notes payable $($long$-$term$)26,80063,700$

Total liabilities $49,80089,500$

Equity

Common stock, $$5$ par value $207,600165,100$

Retained earnings $31,1004,900$

Total liabilities and equity $ $288,500$ $ $259,500$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $444,200$

Cost of goods sold $285,900$

Gross profit $158,300$

Operating expenses $($excluding depreciation$)81,200$

Depreciation expense $34,200$

Income before taxes $42,900$

Income taxes expense $15,600$

Net income $ $27,300$

Assume that all common stock is issued for cash. What amount of cash dividends is paid during $2021?$

Assume that no additional notes payable are issued in $2021.$ What cash amount is paid to reduce the notes payable balance in $2021?$