The following information is from Ellerby Company’s comparative balance sheets. At December 31Current Year Prior Year Furniture$144,000 $200,500 Accumulated depreciation—Furniture (92,700) (114,700) The current year income statement reports depreciation expense on furniture of $22,000. During the year, furniture costing $56,500 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.

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Furniture Beg Balance 200500 Sales of assets 56500 ... View the full answer