(SOLVED)- The following selected information is from Ellerby Company s comparative balance


Question Description:

$19

The following selected information is from Ellerby Company’s comparative balance sheets.
At December 31 2017 2016
Furniture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,000……$ 184,500
Accumulated depreciation-Furniture . . . . . . . . . (88,700) ……(110,700)
The income statement reports depreciation expense for the year of $18,000. Also, furniture costing $52,500 was sold for its book value. Compute the cash received from the sale of furniture.

Answer

$19