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On January 2, 2018, Maxwell Furniture purchased display shelving for $8,700 cash, expecting the shelving...

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Accounting

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On January 2, 2018, Maxwell Furniture purchased display shelving for $8,700 cash, expecting the shelving to remain in service for five years. Maxwell depreciated the shelving on a double-declining-balance basis, with $1,900 estimated residual value. On August 31, 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 journal entries.) Journal Entry Date Accounts Debit Credit Aug 31 A Requirement - X 1. Record both the depreciation expense on the shelving for 2019 and its sale in August. Also show how to compute the gain or loss on the disposal of the shelving. Print Done

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