Response to the following problem:
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.