Use the following information for the Quick Study 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	$	69,200			$	17,200
Accounts receivable, net		29,700				36,500
Inventory		62,200				68,500
Prepaid expenses		3,800				3,100
Total current assets		164,900				125,300
Furniture		76,600				87,800
Accum. depreciationFurniture		(11,900	)			(6,700	)
Total assets	$	229,600			$	206,400
Liabilities and Equity
Accounts payable	$	10,800			$	15,200
Wages payable		6,400				3,600
Income taxes payable		1,100				2,000
Total current liabilities		18,300				20,800
Notes payable (long-term)		22,700				53,100
Total liabilities		41,000				73,900
Equity
Common stock, $5 par value		162,900				127,800
Retained earnings		25,700				4,700
Total liabilities and equity	$	229,600			$	206,400

CRUZ, INC. Income Statement For Year Ended December 31, 2017
Sales				$	353,400
Cost of goods sold					227,500
Gross profit					125,900
Operating expenses
Depreciation expense	$	27,200
Other expenses		64,500			91,700
Income before taxes					34,200
Income taxes expense					12,400
Net income				$	21,800

QS 16-12 Computing cash from asset sales LO P3

Furniture costing $67,200 is sold at its book value in 2017. Acquisitions of furniture total $56,000 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)