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On January 2, 2021, McKnight Fumiture purchased display shelving for $8,400 cash, expecting the shelving...

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Accounting

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On January 2, 2021, McKnight Fumiture purchased display shelving for $8,400 cash, expecting the shelving to remain in service for five years. McKnight depreciated the shelving on a double-declining-balance basis, with $1,400 estimated residual value. On October 31,2022 , the company sold the shelving for $2,300 cash. Read the requirement. Start by recording depreciation expense on the shelving for 2022. (Record debits first, then credits. Exclude explanations from any joumal entries.) Requirement 1. Record both the depreciation expense on the shelving for 2022 and its sale in October. Also show how to compute the gain or loss on the disposal of the shelving

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