On January 2, 2018, Repeat Clothing Consignments purchased showroom fixtures
for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat
has depreciated the fixtures on a double-declining-balance basis, with zero residual
value. On October 31, 2019, Repeat sold the fixtures for $6,200 cash Record both depreciation for 2019 and sale of the fixtures on October 31, 2019.

B C D E F G H 27 Journal 28 DEBIT CREDIT 29 DATE ACCOUNTS AND EXPLANATIONS 2019 Depreciation for 10 months: Oct 31 30 31 32 + 33 Sale of fixtures: Oct 31 34 35 36 37 Gain on sale of fixtures 1 800 38 39 Calculate 2018 depreciation: You can also use DDB function in excel: INDB Ifor 2018 40 DO 39 Calculate 2018 depreciation: 40 You can also use DDB function in excel: DDB = for 2018 DDB = for 10 mo. 2019 41 42 Calculate 2019 depreciation 43 44 45 Gain is computed as follows: 46 Sale price of old fixtures 47 Book value of old fixtures: Cost 49 Less: Accm depreciation 48 50 Gain on sale....... 1