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Can you please show me how to solve this problem. Can you please include where would find each piece of information to solve each part.
Can you please show me how to solve this problem. Can you please include where would find each piece of information to solve each part. I want to know what do I have to add and subtract for each part of this question. If your gonna write on a piece of paper please write as neat as possible because I have poor eyesight.
QS 16-7 Computing cash from asset sales LO P3 The following selected information is from Ellerby Company's comparative balance sheets At December 31 Furniture Accumulated depreciation-Furniture 2017 $138,000 2016 192,500 (90,700) (112,700) The income statement reports depreciation expense for the year of $20,000. Also, furniture costing $54,500 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 192,500 54,500 Sale of assets End. bal 138,000 Accumulated Depreciation 54,500 (112,700) 40,000 Beg. bal ale of assets 20,000 2017 depreciation End. bal 187,200 Cost Accumulated depreciation Book value (Cash received) S 54,500 (40,000) S 14,500Step by Step Solution
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