On January 2, 2018, Drake Furniture purchased display shelving for $9,000 cash, expecting the shelving to remain in service for five years. Drake depreciated the shelving on a double-declining balance basis, with $1,900 estimated residual value. On August 31, 2019, the company sold the shelving for $3,000 cash Read the requirement Start by recording depreciation expense on the shelving for 2019. (Record debits first, then credits. Exclude explanations from any Journal entries) Journal Entry Debit Credit Date Accounts Aug 31 Show how to compute the gain or loss on the disposal of the shelving. (Use a minus sign or parentheses for a loss.) Gain (Loss) on sale Now record the sale of the shelving on August 31, 2019 On January 2, 2018, Drake Furniture purchased display shelving for $9,000 cash, expecting the shelving to remain in service for five years Drake depreciated the shelving on a double-declining-balance basis, with $1,900 estimated residual value. On August 31, 2019, the company sold the shelving for $3,000 cash. Read the requirement Aug 31 Show how to compute the gain or loss on the disposal of the shelving. (Use a minus sign or parentheses for a loss.) Gain (Loss) on sale Now record the sale of the shelving on August 31, 2019 Journal Entry Date Accounts Aug 31 Debit Credit