On January 2, 2011, Ditto Clothing Consignments purchased showroom fixtures for \($16,000\) cash, expecting the fixtures to remain in service for five years. Ditto has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2012, Ditto sold the fixtures for \($7,600\) cash.
Requirement
1. Record both depreciation for 2012 and sale of the fixtures on August 31, 2012.