please explain calculations

QS 12-7 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 $ 159,000 (97,700) 2016 $ 220,500 (119,700) The income statement reports depreciation expense for the year of $27,000. Also, furniture costing $61,500 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. Beg. bal. Furniture 220,500 61,500 Sale of assets End. bal. 159,000 Beg. bal. Accumulated Depreciation 119,700 2017 depreciation End. bal. 119,700 Cost $ 61,500 Accumulated depreciation Book value (Cash received) $ 61,500