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Question - The following information is from Ellerby Company's comparative balance sheets.
At December 31 Current Year Prior Year
Furniture $141,000 $196,500
Accumulated depreciation-Furniture (91,700) (113,700)
The current year income statement reports depreciation expense on furniture of $21,000. During the year, furniture costing $55,500 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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