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Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.]

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

CRUZ, INC. Comparative Balance Sheets December 31, 2017
		2017				2016
Assets
Cash	$	62,800			$	15,700
Accounts receivable, net		27,000				33,300
Inventory		56,600				62,500
Prepaid expenses		3,500				2,900
Total current assets		149,900				114,400
Furniture		70,500				82,200
Accum. depreciationFurniture		(10,900	)			(6,200	)
Total assets	$	209,500			$	190,400
Liabilities and Equity
Accounts payable	$	9,900			$	14,000
Wages payable		5,900				3,300
Income taxes payable		1,000				1,800
Total current liabilities		16,800				19,100
Notes payable (long-term)		20,700				47,800
Total liabilities		37,500				66,900
Equity
Common stock, $5 par value		150,000				121,000
Retained earnings		22,000				2,500
Total liabilities and equity	$	209,500			$	190,400

CRUZ, INC. Income Statement For Year Ended December 31, 2017
Sales				$	326,000
Cost of goods sold					209,800
Gross profit					116,200
Operating expenses
Depreciation expense	$	25,100
Other expenses		59,500			84,600
Income before taxes					31,600
Income taxes expense					11,500
Net income				$	20,100

QS 12-12 Computing cash from asset sales LO P3

Furniture costing $63,700 is sold at its book value in 2017. Acquisitions of furniture total $52,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture?

Furniture
Beg. bal.
End. bal.
Accumulated Depreciation
Beg. bal.
End. bal.
Cost
Accumulated depreciation
Book value (Cash received)