on January 2, 2016 pet retreat purchase fixtures for $27,000 cash, expecting the fixtures to remain in service for eight years. Pet retreat has depreciated the fixtures on a straight line basis, with $8000 residual value. On June 30, 2018, pet retreat sold the fixtures for $15,700 cash. Record both depreciation expense for 2018 and sale fixtures on June 30, 2018.

Begin by recording the depreciation expense as of Jun 30, 2018. Date Accounts and Explanation Debit Credit Jun 30 Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on June 30, 2018. Date Accounts and Explanation Debit Credit Jun. 30