QS 12-8 Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. ints At December 31 Furniture Accumulated depreciation-Furniture Current Year $154,500 (96,200) Prior Year $ 214,500 (118,200) eBook The current year income statement reports depreciation expense on furniture of $25,500. During the year, furniture costing $60,000 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. Hint Ask Beg. bal Furniture 214,500 Sale of assets 60,000 Print End. bal. 154,500 References Accumulated Depreciation Beg bal. Current year depreciation 12,313 118,200 End, bal 105,887 $ Cost Accumulated depreciation Book value (Cash received) 60,000 21,331 38,669 $ ic