QS 12-17 (Algo) Computing financing cash outflows LO P3 A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets. At December 31 2021 2020 Assets Cash Accounts receivable, net Prepaid expenses $ 64,300 $ 16,100 27,600 34,100 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 57,700 64,000 3,600 2,900 153,200 117,100 72,600 82,200 (11,200) (6,200) $ 214,600 $ 193,100 $ 10,100 $ 14,200 6,000 3,300 Total current liabilities Income taxes payable Notes payable (long-term) Total liabilities Equity 1,000 1,800 17,100 19,300 20,600 47,700 37,700 67,000 Common stock, $5 par value Retained earnings 154,700 123,700 22,200 2,400 Total liabilities and equity $ 214,600 $193,100 Sales CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 330,500 212,700 117,800 60,300 25,400 32,100 11,700 $ 20,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Beginning balance Retained Earnings Ending balance 0