Requirements are

Record both the depreciation expense on the shelving for 2019 and its sale in September. Also show how to compute the gain or loss on the disposal of the shelving.

On January 2, 2018, Sonoma - Maine Furniture purchased display shelving for $8,000 cash, expecting the shelving to remain in service five years. Sonoma - Maine depreciated the shelving on a double-declining-balance basis, with $1,000 estimated residual value. On September 30, 2019, the company sold the shelving for $2,700 cash. Read the requirement. Start by recording depreciation expense on the shelving for 2019. (Record debits first, then credits. Exclude explanations from any journa entries.) Journal Entry Date Accounts Debit Credit Sep 30 1,440 Depreciation ExpenseFixtures Accumulated DepreciationFixtures 1,440 Show how to compute the gain or loss on the disposal of the shelving. (Use a minus sign or parentheses for a loss.) Sales proceeds Book value = Gain (Loss) on sale 2700