On January 2, 2010, Bright Lights purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain

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On January 2, 2010, 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, 2011, Bright Lights sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2011 and the sale of the fixtures on September 30, 2011.

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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