S 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 $ 99, 300 $ 24,900 Accounts receivable, net 42, 600 52, 800 Inventory 89 , 100 99, 200 Prepaid expenses 5 , 600 4, 500 Total current assets 236, 600 181, 400 Furniture 113 , 090 127 , 500 Accumulated depreciation-Furniture (17, 500) (9,600) Total assets $ 332, 100 $ 299, 300 Liabilities and Equity Accounts payable $ 15,709 $ 22, 090 Wages payable 9 ,400 5,000 Income taxes payable 1, 500 2, 800 Total current liabilities 26, 600 29,800 Notes payable (long-term) 30,900 74, 300 Total liabilities 57,500 104, 100 Equity Common stock, $5 par value 241, 200 192, 600 Retained earnings 33 , 400 2 , 600 Total liabilities and equity $ 332, 100 $ 299, 300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 512, 300 Cost of goods sold 329, 700 Gross profit 182, 600 Operating expenses (excluding depreciation) 93 , 500 Depreciation expense 39 , 400 Income before taxes 49,700 Income taxes expense 18, 100 Net income $ 31, 600 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