The following selected information is from Ellerby Company's comparative balance sheets. At December 31 2017 2016 $132,000 Furniture 184,500 (88,700) (110,700) Accumulated depreciation-Furniture The income statement reports depreciation expense for the year of $18,000. Also, furniture costing $52,500 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. Furniture Beg. bal. End. bal Accumulated Depreciation Beg. bal. End. bal Cost Accumulated depreciation Book value (Cash received) The following selected information is from Princeton Company's comparative balance sheets. At December 31 2017 2016 $105,000 $ 100,000 567,000 313,500 Common stock, $10 par value Paid-in capital in excess of par Retained earnings 342,000 287,500 The company's net income for the year ended December 31, 2017, was $48,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during 2017. Common Stock, $10 Par Beg. bal. End. bal Paid-in Capital in Excess of Par Beg. ba End. bal Cash received 2. Complete the T-account to calculate the cash paid for dividends during 2017 Retained Earnings Beg. bal. End. bal