Question: i need help with this whole problem. im gonna show an example of what it is then gonna put the actual problem underneath. EXAMPLE: THIS

i need help with this whole problem. im gonna show an example of what it is then gonna put the actual problem underneath.
EXAMPLE:
i need help with this whole problem. im gonna show an example
of what it is then gonna put the actual problem underneath. EXAMPLE:
THIS IS THE PROBLEM I NEED SOLVED. ITS ONLY GOING TO SHOW THE FIRST PART BUT THE PICTURES I SENT SHOW EXACTLY WHAT ITS GOING TO BE. TO BE ABLE TO SOLVE ALL THREE PARTS!
THIS IS THE PROBLEM I NEED SOLVED. ITS ONLY GOING TO SHOW
these are the numbers!

On January 2, 2022, Pet Haven purchased fixtures for $60,700 cash, expecting the fixtures to remain in service for nine years. Pet Haven has depreciated the fixtures on a straight-line basis, with $4,000 residual value. On June 30,2024 , Pet Haven sold the fixtures for $43,450 cash. Record both depreciation expense for 2024 and sale of the fixtures on June 30,2024 . (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Beain by recording the depreciation expense as of Jun. 30,2024. Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) On January 2, 2022, Pet Haven purchased fixtures for $60,700 cash, expecting the fixtures to remain in service for nine years. Pet Haven has depreciated the fixtures on a straight-line basis, with $4,000 residual value. On June 30,2024 , Pet Haven sold the fixtures for $43,450 cash. Record both depreciation expense for 2024 and sale of the fixtures on June 30, 2024. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus oinn nr naranthases.) On January 2, 2022, Pet Haven purchased fixtures for $38,000 cash, expecting the fixtures to remain in service for ten years. Pet Haven has depreciated the fixtures on a straight-line basis, with $5,000 residual value. On July 31,2024 , Pet Haven sold the fixtures for $22,975 cash. Record both depreciation expense for 2024 and sale of the fixtures on July 31, 2024. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the depreciation expense as of Jul. 31, 2024

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!