QS 12-11 Indirect: Computing cash from operations P2 CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net. Inventory.... 94,800 24,000 41,000 51,000 85,800 95,800 5,400 227,000 175,000 09,000 119,000 (17.000 (9.000 $319,000 $285,000 Total current assets Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term).. CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit.. Operating expenses 15,000 21,000 9,000 5,000 2,600 ....25,400 28,600 29,000 69,000 54,400 97,600 $488,000 314,000 174.000 1.400 Depreciation expense ....$37,600 89.100 126,700 47,300 17,300 s 30,000 Equity Income before taxes.. 229,000 179,000 Retained earnings .. 35,6008.400 $319,000 $285,000 Net income Required the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company ompany was organized in January 2016 and has 20,000 shares of S10 par value, 10%, nonparticipating 5) ferred stock outstanding and 150,000 shares of $2 par value common stock outstanding, It has declared id c dividends each year as shown below. Calculate the total dividends distributed to each class of stockholder under each of the assumptions given