Question: On January 2 2015 Ditto Clothing Consignments purchased showroom fixtures
On January 2, 2015, Ditto Clothing Consignments purchased showroom fixtures for $12,000 cash, expecting the fixtures to remain in service for depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2016, Ditto sold the fixtures for $5,900 cash. Record both depreciation expense for 2016 and sale of the fixtures on October 31, 2016.
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