QS 12-8 Computing cash from asset sales LO P3

The following information is from Ellerby Companys comparative balance sheets.

At December 31	Current Year				Prior Year
Furniture	$	150,000			$	208,500
Accumulated depreciationFurniture		(94,700	)			(116,700	)

The current year income statement reports depreciation expense on furniture of $24,000. During the year, furniture costing $58,500 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
Beg. bal.
End. bal.	0
Accumulated Depreciation
Beg. bal.
End. bal.	0
Cost
Accumulated depreciation
Book value (Cash received)		$0