Assume that on January 2, 2019, a Freshly Brewed franchise purchased fixtures for $14,500 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,100 estimated residual value. On June 30, 2020, Freshly Brewed sold the fixtures for $4,500 cash. Requirements 1. Record the sale of the fixtures. 2. Management is thinking of switching to the straight-line method of depreciation. Do you agree? Why or why not? Requirement 1. Record the sale of the foxtures Record the depreciation expense on the fixtures for 2020 and then the sale of the fixtures. Record the depreciation expense on the fixtures for the first six months of 2020. (Record debits first, then credits. Explanations are not required. Round the depreciation expense to the nearest whole dollar.) June Date 30 Journal Entry Accounts Debit Credit