On January 2, 2012, Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to

Question:

On January 2, 2012, 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, 2013, Repeat sold the fixtures for $6,200 cash.
Requirement
1. Record both depreciation for 2013 and sale of the fixtures on October 31, 2013.

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Related Book For  answer-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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