On January 2, 2017 Repeat Cling Consignment purchased showroom futures for $11.000 expecting the futures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining-balance basis with zero residual value. On August 31, 2018, Repeat sold the fures for 55.000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (Record debitis first, then credits. Select the explanation on the last ine of the journal entry table. Note that 2017 depreciation was recorded and posted in 2017.) Master- Begin by recording the depreciation expense for January 1, 2018 through August 31, 2018 Date Accounts and Explanation Aug 31 Depreciation ExpenseFitures Accumulated Depreciation --Fictures To record depreciation on factures Before recording the sale of the future 's calculate any gain or loss on the sale of the Blues Market value of assets received Enter any number in the edited and then click Check Answer On January 2, 2017, Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has deprecated the fixtures on a double-declining balance basis, with zero residual value. On August 31, 2018, Repeat sold the fixtures for $5,000 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.) To record depreciation on factures Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the futures Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation $ 11,000 Gain or (Loss)