On January 2, 2023, Snug Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2024, Snug sold the fixtures for $8,000 cash. Record both depreciation expense for 2024 and sale of the fixtures on August 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.) Date *** Accounts and Explanation Debit Credit A 1

On January 2, 2023, Snug Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31 . 2024 , Snug sold the fixtures for $8,000 cash. Record both depreciation expense for 2024 and sale of the fixtures on August 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.)