On January 2, 2023, Comfy Clothing Consignments purchased showroom fixtures for $17,000 cash, expecting the fixtures to remain in service for five years. Comfy has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2024, Comfy sold the fixtures for $7,600 cash. Record both depreciation expense for 2024 and sale of the fixtures on October 31,

2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2023 depreciation was recorded and posted in 2023.)

Onary 2, 2022, Comfy Clothing Content purchased the stures for 17.000 casheed to man ito at Carly one the song in the value on Oct. 207. Conch the future 7.000 h Mecord born 2014 and the folder 2024 www.new jury i Note 2023 2023 Begin by recording the depreciation expense for January 1, 2024 through October 31, 2024. Date Accounts and Explanation Oct. 31 Depreciation Expense-Fixtures Accumulated Depreciation-Fixtures Debit Credit 3,400 3,400 To record depreciation on fixtures. 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 $ 7,600 Less: Book value of asset disposed of Cost 17,000 Less: Accumulated Depreciation (10,200) 6,800 $ 800 Gain or (Loss) Now, record the sale of the fixtures on October 31, 2024. To record depreciation on fixtures. 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 $ 7,600 Less: Book value of asset disposed of Cost 17,000 Less: Accumulated Depreciation (10.200) 6,800 $ 800 Gain or (Loss) Now, record the sale of the fixtures on October 31, 2024 Date Accounts and Explanation Debit Oct. 31 Cash 7,600 Accumulated Depreciation --Fixtures 10,200 Fixtures Gain on Disposal Sold fixtures for cash. Credit 17,000 800