Recording the Sale of PPE Assets As part of a renovation of its showroom, O'Keefe Auto Dealership sold furniture and fixtures that were 12 years old for $14,400 in cash. The assets had been purchased for $156,000 and had been depreciated using the straight-line method with no residual value and a useful life of 15 years. Show how the sale of the furniture and fixtures affects the balance sheet and income statement using the financial statement effects template Balance Sheet Income Statement Transaction Sold furniture and fixtures Check Cash Asset + Noncash Assets Contra Contributed Assets = Liabilities + Capital Earned + Capital Revenues Expenses - Net Income

fiecerding the sale of PPE Assets using the straight line method whi ne residuat vatue and a useful ufe of is year. Show how the sale of the furnhure and fatures alfects the balance sheet and income statienent using the financial statement effects terrplite