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Charlie's Chocolate Store sold displaying shelves (store fixtures) that were 8 years old for $3,200 cash. The original cost of the shelves was $7,600 and
Charlie's Chocolate Store sold displaying shelves (store fixtures) that were 8 years old for $3,200 cash. The original cost of the shelves was $7,600 and they had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $1,900.
Assume that the accumulated depreciation balance has been updated to the date of sale. Record the sale of the displaying shelves.
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