Answer Happy

QS 16-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Current Year Prior Year Furniture $ 135,000 $ 188,500 Accumulated depreciation Furniture (89,700) (111,700) The current year income statement reports depreciation expense on furniture of $19,000. During the year, furniture costing $53,500 was sold for its book value on December 31, Current Year. Complete the general ledger accounts to calculate cash received from the sale of furniture Furniture Beginning balance Ending Balance Accumulated Depreciation Beginning balance Ending Balance Cost Accumulated depreciation Book value (Cash received)