On January 2, 2016, Pet Haven purchased fixtures for $28,600 cash, expecting the fixtures to...
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Accounting
On January 2, 2016, Pet Haven purchased fixtures for $28,600 cash, expecting the fixtures to remain in service for six years. Pet Haven has depreciated the fixtures on a straight-line basis, with $7,000
residual value. On May 31, 2018, Pet Haven sold the fixtures for $17,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018.
(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.)
Begin by recording the depreciation expense as of May 31, 2018.
Complete the table below to determine the gain or loss on the disposal of the fixtures
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