Assume that on January 1, 2016, Maxwell Co. purchased fixtures for $8,500. On the date of purchase, the company had estimated a service life of five years, with a $1,600 estimated residual value. On October 31, 2017, the company sold the fixtures for $2,700 Assume that the company uses the DDB depreciation method. Record the sale of the fixtures on October 31, 2017 Journal Entry Date Accounts Debit Credit Oct 31Cash 2,700 Accumulated Depreciation-Fixtures Loss on Sale of Fixtures Fixtures 8,500 Conseco Co. paid $6,500,000 for oil & gas reserves holding an estimated 1,000,000 barrels of oil. The company paid $530,000 for additional geological tests of the property and $420,000 to prepare for drilling. During the first year, the company removed and sold 75,000 barrels of oil. Prepare the entry to record depletion for the first year. (Assume no residual value. Round interim calculations to the nearest cent and your final answers to the nearest whole dollar) Date Accounts and Explanation Debit Credit