The following information is from Ellerby Company’s comparative balance sheets.   At December 31 Current Year   Prior Year Furniture $ 132,000     $ 184,500   Accumulated depreciation—Furniture   (88,700 )     (110,700 )     The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,500 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.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The following information is from Ellerby Company’s comparative balance sheets.
 

At December 31 Current Year   Prior Year
Furniture $ 132,000     $ 184,500  
Accumulated depreciation—Furniture   (88,700 )     (110,700 )
 

 
The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,500 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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