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QS 12-8 Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Current Year Prior Year Furniture $133,500 $ 186,500 Accumulated depreciation-Furniture (89,200) (111,200) The current year income statement reports depreciation expense on furniture of $18,500. During the year, furniture costing $53,000 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 Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture 186,500 Beg. bal. Sale of assets 53,000 End. bal. 133,500 111,200 Accumulated Depreciation Beg. bal. Sale of assets Current year depreciation End. bal. 111,200 $ $ 53,000 Cost Accumulated depreciation Book value (Cash received) $ 53,000