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QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. The current year income statement

image text in transcribed QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. 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

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