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QS 12-7 Computing cash from asset sales LO P3 The following selected information is from...

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QS 12-7 Computing cash from asset sales LO P3 The following selected information is from Ellerby Company's comparative balance sheets At December 31 2017 2016 $ 194,560 (113,200) Furniture $139,500 (91,200) Accumulated depreciation-Furniture The income statement reports depreciation expense for the year of $20,500. Also, furniture costing $55,000 was sold for its book value on December 31, 2017 Complete the general ledger accounts to calculate the cash received from the sale of furniture. Furniture Beg bal End bal Accumulated Depreciation Beg bll End bal Cost Accumulated depreciation Book value (Cash recelved)

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