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

QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. The current year income statement reports depreciation expense on furniture of $$\$20,500$$. During the year, furniture costing $$\$55,000$$ 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.