QS $12-8($Algo$)$ Computing cash from asset sales LO P$3$

The following information is from Ellerby Company$$s comparative balance sheets.

At December $31$ Current Year Prior Year

Furniture $ $160,500$ $ $222,500$

Accumulated depreciation$$Furniture $(98,200)(120,200)$

The current year income statement reports depreciation expense on furniture of $$27,500.$ During the year, furniture costing $$62,000$ was sold for its book value on December $31,$ Current Year.

Complete the general ledger accounts to calculate cash received from the sale of furniture.