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QS 12-7 Computing cash from asset sales LO P3 The following selected information is from Ellerby Company's comparative balance sheets 2016 At December 31 Furniture Accumulated depreciation-Furniture 2017 $142,500 198,500 (92,200) (114,200) The income statement reports depreciation expense for the year of $21,500. Also, furniture costing $56,000 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 Answer is not complete Furniture Beg. bal 198,500 56,000 End. bal 142,500 Accumulated Depreciation Beg. bal End. bal Cost Accumulated depreciatio Book value (Cash received) 56,000 56,000