On January 2,2017, Thrifty Clothing Consignments purchased showroom fixtures for $13,000 cash, expecting the fixtures to remain in servwce for tive years Thrifty has deprecialed the fixtures on a double-declining balance basis, wth zera residal value On ctober 31, 2018, Thrifty sold the fixtures for $6,500 cash Record both deprecsation expense tor 2018 and sale ot the fixtures on October 31, 2018 (Recovd debits first, then credits Select the explanation on the last ine of the jpurnal entry table Note that 2017 depreciation was recorded and posted in 2017) Begin by recording the depreciation expense foe January 1, 2018 through Oclober 31, 2018 Date Accounts and Explanation Debit Credit 2,600 Accumulated Depreciation-Fixtures 2,600 To record depreciaton on ixtures Before recording the sale of the fixtures, let's calculate ay gain or loss on the sale of the fodures Market value of assets received Less Book value of asset disposed of Cost Less. Accumulated Depreciation Gain or (Loss) Enter any number in the edit fields and then click Check Answer Final Check Clear All 2 parts