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SHOW ME HOW YOU GOT THE ANSWER FOR EACH ANSWER PLEASE ESPECIALLY THE LESS:ACCUMULATED DEPRECIATION 3. On January 2, 2022, Pet Retreat purchased fixtures for
SHOW ME HOW YOU GOT THE ANSWER FOR EACH ANSWER PLEASE ESPECIALLY THE LESS:ACCUMULATED DEPRECIATION
3. On January 2, 2022, Pet Retreat purchased fixtures for S16,600 cash, expecting the fixtures to remain in service for six years. Pet Retreat has depreciated the fixtures on a straight-line basis, with $7.000 residual value. On June 30, 2024, Pet R. sold the fixtures for $23,600 cash. Record both depreciation expense for 2024 and sale of the fixtures on June 30, 2024. (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.) Debit Credit Begin by recording the depreciation expense as of Jun. 30, 2024. Date Accounts and Explanation Jun 30 Depreciation Expense-Fixtures Accumulated Depreciation Fixtures 3,300 3.3 To record depreciation on fixtures . Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) . a . Market value of assets received $ 23,600 Less: Book value of asset disposed of Cost S 46,600 Less: Accumulated Depreciation 16300 28900) 3300 Gain or (Loss) Now, record the sale of the fixtures on June 30, 2024. Date Accounts and Explanation Debit Credit Jun. 30 (1) (2) (3) (5) (1) O O Depreciation Expense-Fixtures Maintenance Expenses Accumulated DepreciationFixtures Fixtures O O Book value O Gain on Disposal Cash Loss on Disposal (2) O Depreciation Expense-Fixtures Maintenance Expenses O Accumulated Depreciation-Fixtures Fixtures O Book value O Gain on Disposal O Cash Loss on Disposal (3) O O Depreciation Expense-Fixtures Maintenance Expenses O Accumulated Depreciation-Fixtures Fixtures O O Book value O Gain on Disposal O Cash Loss on Disposal (4) O Accumulated Depreciation-Fixtures Book value O Cash O Depreciation Expense-Fixtures O Maintenance Expenses O Fixtures Gain on Disposal Loss on Disposal To record depreciation on fixtures. (5) O Discarded fixtures with a book value. O Discarded fully depreciated fixtures. O Sold fixtures for cash
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