Merry Yacht International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $$1\mathrm{.}6$ billion in net property and equipment. Assume that MerryYacht replaced furniture that had been used in the business for five years. The records of the company reflected the following regarding the sale of the existing furniture

Furniture $($cost$)$

Accumulated depreciation

$ $6,150,000$

$5,636,000$