On January 2, 2017 Family Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years.

Family Clothing has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2018

Family Clothing sold the fixtures for $8,000 cash. Record both depreciation expense for 2018. and sale of the fixtures on

August 31 2018

Debit Credit Date Accounts and Explanation Aug. 31 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 2,880 2,880 To record depreciation on fixtures. On January 2, 2017, Family Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Family has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2018, Family sold the fixtures for $8,000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2017 depreciation was recorded and posted in 2017.) Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)