Question: On January 2 2013 Repeat Clothing Consignments purchased showroom fixtures
On January 2, 2013, Repeat Clothing Consignments purchased showroom fixtures for $ 11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2014, Repeat sold the fixtures for $ 6,200 cash. Record both depreciation expense for 2014 and sale of the fixtures on October 31, 2014.
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