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


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