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.

Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal. End. bal. Cost Accumulated depreciation Book value (Cash received)