On January 13, 2016, Yeung's Gifts purchased store fixtures for $65,000 cash, expecting the fixtures to remain
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On January 13, 2016, Yeung's Gifts purchased store fixtures for $65,000 cash, expecting the fixtures to remain in service for 10 years. Yeung's Gifts has amortized the fixtures on a DDB basis with an estimated residual value of $5,000. On September 30, 2017, Yeung's Gifts sold the fixtures for $19,150 cash because they were not "green" technology. Record the amortization expense on the fixtures for the years ended December 31, 2016, and 2017, and the sale of the fixtures on September 30, 2017. Round all calculations to the nearest dollar.
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General Journal DATE 2016 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Dec 31 Amortization ...View the full answer
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