I . Elite Co. has office furniture that cost $75,000 and that has been depreciated $48,000. Record the disposal under the following assumptions. 5 (a) It was scrapped as having no value. (b) It was sold for $21,000. (c) It was sold for $61,000. (d) It was exchanged for similar office furniture. The old furniture has a fair market value of $46000, and $8000 was paid. (e) It was exchanged for similar office furniture. The old office has a fair market value of $25000 and $29000 was paid.