Question: On January 2 2014 Bright Lights purchased showroom fixtures for
On January 2, 2014, Bright Lights purchased showroom fixtures for $ 10,000 cash, expecting the fixtures to remain in service for five years. Bright Lights has depreciated the fixtures on a straight- line basis, with zero residual value. On September 30, 2015, Bright Lights sold the fixtures for $ 5,000 cash. Record both the depreciation expense on the fixtures for 2015 and the sale of the fixtures on September 30, 2015.
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