Recording the Sale of PPE Assets As part of a renovation of its showroom, O'Keefe Auto Dealership sold furniture and fixtures that were eight years old for $6,300 in cash. The assets had been purchased for $72,000 and had been depreciated using the straight-line method with no residual value and a useful life of ten years. a. Prepare a journal entry to record this transaction. General Journal Description Debit Credit Cash Answer 0 Answer 0 Accumulated depreciation Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 b. Show how the sale of the furniture and fixtures affects the balance sheet and income statement. Remember to use negative signs with answers, when appropriate. Transaction Cash