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question below On January 2, 2016, King Pet purchased fixtures for $69,000 cash, expecting the fixtures to remain in service for ten years. King Pet

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On January 2, 2016, King Pet purchased fixtures for $69,000 cash, expecting the fixtures to remain in service for ten years. King Pet has depreciated the fixtures on a straight-line basis, with $3,000 residual value. On May 31, 2018, King Pet sold the fixtures for $46,550 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the depreciation expense as of May 31, 2018. Date Accounts and Explanation Debit Credit May 31 Choose from any list or enter any number in the input fields and then click Check

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