The following selected information is from Ellerby Company\'s comparative balanc
ID: 2536499 • Letter: T
Question
The following selected information is from Ellerby Company's comparative balance sheets. 2016 At December 31 Furniture Accumulated depreciation-Furniture 2017 $157,500 218,500 (97,200) (119,200) The income statement reports depreciation expense for the year of $26,500. Also, furniture costing $61,000 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. Furniture Beg. bal End. bal Accumulated Depreciation Beg. bal End. bal Cost Accumulated depreciation Book value (Cash received) 0Explanation / Answer
Furniture
Beginning Balance
$2,18,500
$61,000
Sale of Assets
Ending Balance
$1,57,500
Accumulated Depreciation
Beginning Balance
$1,19,200
Sale of assets
$48,500
$26,500
2016 Depreciation
Ending Balance
$97,200
Cost
$61,000
Accumulated Depreciation
$48,500
Book Value
$12,500
Furniture
Beginning Balance
$2,18,500
$61,000
Sale of Assets
Ending Balance
$1,57,500