Q5

I he tollowing selected intormation is trom Ellerby Company's comparative balance sheets. 2017 2016 At December 31 Furniture Accumulated depreciation-Furniture $ 222,500 (120,200) $160,500 (98,200) The income statement reports depreciation expense for the year of $27,500. Also, furniture costing $62,000 was sold for its book value on December 31, 2017 eBook Hint Print Complete the general ledger accounts to calculate the cash received from the sale of furniture. References Furniture 222 500 Beg ball 62,000 Sale of assets 160,500 End bal Accumulated Depreciation 120,200 Beg bal Sale of assets 2017 depreciation 49,500 27,500 98,200 End bal. $ 62,000 49,500 12,500 Cost Accumulated depreciation Book value (Cash received) LO