Question: On January 2 2012 Glowing Lights purchased showroom fixtures for
On January 2, 2012, Glowing Lights purchased showroom fixtures for $15,000 cash, expecting the fixtures to remain in service for eight years. Glowing Lights has depreciated the fixtures on a straight-line basis, with zero residual value. On August 31, 2013, Glowing Lights sold the fixtures for $10,500 cash. Record both the depreciation expenseon the fixtures for 2013 and the sale of the fixtures on August 31, 2013. Round intermediate calculations to the nearest cent and final answers to the nearest whole dollar.
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