QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby...

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QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Accumulated depreciation-Furniture Current Year $142,500 (92,200) Prior Year $ 198,500 (114,200) The current year income statement reports depreciation expense on furniture of $21,500. During the year, furniture costing $56.000 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 Answer is not complete. Furniture Beginning balance Sale of assets 198.500 0 Ending Balance 142,500 Accumulated Depreciation 56,000 Beginning balance Current year depreciation Sale of assets 00 114.200 92,000 21,500 Ending Balance 43.700 Cost $ 56,000 Accumulated depreciation 43.500 Book value (Cash received) S 12 500 QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Accumulated depreciation-Furniture Current Year $142,500 (92,200) Prior Year $ 198,500 (114,200) The current year income statement reports depreciation expense on furniture of $21,500. During the year, furniture costing $56.000 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 Answer is not complete. Furniture Beginning balance Sale of assets 198.500 0 Ending Balance 142,500 Accumulated Depreciation 56,000 Beginning balance Current year depreciation Sale of assets 00 114.200 92,000 21,500 Ending Balance 43.700 Cost $ 56,000 Accumulated depreciation 43.500 Book value (Cash received) S 12 500