Required information A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash Accounts receivable, net 94,800 24,000 51,000 85, 80095,800 4,200 227,000 175,000 109, 000 119,000 (9,000) 41,000 Inventory Prepaid expenses 5,400 Total current assets Furniture Accum. depreciation-Furniture Total asset Liabilities ana Equity ccounts payable Tages payable Income taxes payable Total current liabilities Notes payable (long-term) Total 11abilit1es Equity Common stock, $5 par value Retained earnings Total liabilities and equity (17,000) $319,000 $285,000 15,000 21,000 5,000 2, 600 75. 400 28, 600 9, 000 1, 400 29,000 54, 400 69,000 97,600 229,000 35, 600 179,000 8,400 3 19,000 $285,000 CRUZ, INC. Income Statement For Year Sales Cost ot goods sold Gross profit Operating expenses $488,000 3 14,000 174,000 Depreciation expense $37, 600 89, 100 Other expenses Income before taxes Income taxe expense Net income 12 6,700 47,300 17,300 30,000