The following selected information is from Mooney Company’s comparative balance sheets.
|
At December 31 |
2011 |
2010 |
|
Furniture |
$155,000 |
$260,000 |
|
Accumulated depreciation—Furniture |
(74,400) |
(121,400) |
The income statement reports depreciation expense for the year of $36,000. Also, furniture costing $105,000 was sold for its book value. Compute the cash received from the sale of furniture.