QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Accumulated depreciation-Furniture Current Year $ 139,500 (91,200) Prior Year $ 194,500 (113,200) The current year income statement reports depreciation expense on furniture of $20,500. During the year, furniture costing $55,000 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. Furniture Beginning balance Sale of assets 194,500 55,000 Ending Balance 139,500 Accumulated Depreciation Beginning balance Current year depreciation Sale of assets Ending Balance Cost Accumulated depreciation 113,200 20,500 68,800 64,900 $ 55,000 Book value (Cash received) $ 55,000