On January 2, 19X1, Gulf Coast Products purchased store fixtures for ($ 8,700) cash, expecting the fixtures
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On January 2, 19X1, Gulf Coast Products purchased store fixtures for \(\$ 8,700\) cash, expecting the fixtures to remain in service 10 years. Gulf Coast has depreciated the fixtures on a sumof-years'-digits basis, assuming no estimated residual value. On October 30, 19X8, Gulf Coast sold the fixtures for \(\$ 950\) cash. Record depreciation expense on the fixtures for the 10 months ended October \(30,19 \mathrm{X} 8\), and also record the sale of the fixtures.
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Related Book For
Financial Accounting
ISBN: 9780133118209
2nd Edition
Authors: Charles T. Horngren, Jr. Harrison, Walter T.
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