Question
On January 2, 2017, FamilyFamily Clothing Consignments purchased showroom fixtures for 10,000 cash, expecting the fixtures to remain in service for five years. Family has
On January 2, 2017,
FamilyFamily
Clothing Consignments purchased showroom fixtures for 10,000
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
September 30,
2018
FamilyFamily
sold the fixtures for
$ 5 comma 500$5,500
cash. Record both depreciation expense for
20182018
and sale of the fixtures on
September 30September 30,
20182018.
Now, record the sale of the fixtures on
September 30September 30,
20182018.
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