QS 12-8 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. Answer is not complete. Beg. bal. Sale of assets End. bal. Beg. bal. Sale of assets End. bal. Furniture 194,500 139,500 Accumulated Depreciation 55,000 113,200 20,300 92,900 Cost $ 55,000 Accumulated depreciation 20,500 Book value (Cash received) $ 34,500