Name ID# Lab Day & Time Group Assignment Recording partial-year depreciation and sale of an asset Learning Objectives 2, 3 On January 2, 2016, Cruise-o-rama purchased furniture for $52,000 cash, expecting the furniture to remain in service for ten years. Cruise-o-rama has depreciated the furniture on a straight-line basis, with $2,000 residual value. On September 30, 2018, Cruise-o-rama sold the furniture for $39,000 cash. Journalize depreciation expense for 2018, calculate the book value of the furniture on the date of the sale, and journalize the sale of the furniture on September 30, 2018. Demonstration Recording partial-year depreciation and sale of an asset Learning Objectives 2, 3 On January 2, 2016, Pet Spa purchased fixtures for $37,800 cash, expecting the fixtures to remain in service for six years. Pet Spa has depreciated the fixtures on a straight-line basis, with $9,000 residual value. On May 31, 2018, Pet Spa sold the fixtures for $24,200 cash. Journalize depreciation expense for 2018, calculate the book value of the fixtures on the date of the sale, and journalize the sale of the fixtures on May 31, 2018