QS 16-7 Computing cash from asset sales LO P3 The following selected information is from Ellerby Company's comparative balance sheets At December 31 Furniture Accumulated depreciation Furniture 2017 $160,500 (98,200) 2016 5222,500 (120, 200) The income statement reports depreciation expense for the year of $27.500. Also furniture costing $62,000 was sold for its book value on December 31, 2017 Complete the general ledger accounts to calculate the cash received from the sale of furniture. Beg bal. Furniture 222,500 6 2,000 160,500 Bag bal Sale of assets Accumulated Depreciation 120.200 49,500 27,500 End, bal. 98.200 Cont Accumulated depreciation Book value (Cash received)