Question Help On January 2, 2014. Petis purchased futures for $67.000 cash, expecting the futures to remain in service for eight years Pet Osis has depreciated the futures on a wine basis with $10.000 roku w On June 30, 2016, Pel Oasis sold the futures for $47.600 cash Record both depreciation expert for 2016 and sale of the btures on June 30, 2016. Assume the modified all month convention is used Record debits first, the credits Select the explanation on the line of the journal entry table) Begin by recording the depreciation expense for 2016 Date Accounts and Explanation Debit Credit Jun 30