Question: On January 2 2012 Pet Oasis purchased fixtures for
On January 2, 2012, Pet Oasis purchased fixtures for $ 20,000 cash, expecting the fixtures to remain in service for six years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $ 2,000 residual value. On April 30, 2014, Pet Oasis sold the fixtures for $ 8,000 cash. Record both depreciation expense for 2014 and sale of the fixtures on April 30, 2014.
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