The following selected information is from Ellerby Companys comparative balance sheets.

At December 31	2017				2016
Furniture	$	156,000			$	216,500
Accumulated depreciationFurniture		(96,700	)			(118,700	)

The income statement reports depreciation expense for the year of $26,000. Also, furniture costing $60,500 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.

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 2016 156,000$216,500 (96,700) (118,700) The income statement reports depreciation expense for the year of $26,000. Also, furniture costing $60,500 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)