On January 2, 2022 Pet Oasis purchased foxtures for $74,800 cash, expecting the futures to remain...

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On January 2, 2022 Pet Oasis purchased foxtures for $74,800 cash, expecting the futures to remain in service for nine years Pet Oasis has depreciated the fodures on a straight-line basis, with $10,000 residual value. On July 31, 2024, Pet Oasis sold the fatures for $50,700 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 Date Accounts and Explanation Jul 31 Depreciation Expense-Foxtures Accumulated Depreciation-Fixtures ( 14800 Debit 4,200 Credit 4,200 To record depreciation on fixtures Before recording the sale of the foxtures, let's calculate any gain or loss on the sale of the fixtures (Ender a loss with a minus sign or parentheses) 8100 Market value of assets received Less Book value of asset doposed of Cost Less Accumulated Depreciation Gain or (Loss) On January 2, 2022 Pet Oasis purchased foxtures for $74,800 cash, expecting the futures to remain in service for nine years Pet Oasis has depreciated the fodures on a straight-line basis, with $10,000 residual value. On July 31, 2024, Pet Oasis sold the fatures for $50,700 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 Date Accounts and Explanation Jul 31 Depreciation Expense-Foxtures Accumulated Depreciation-Fixtures ( 14800 Debit 4,200 Credit 4,200 To record depreciation on fixtures Before recording the sale of the foxtures, let's calculate any gain or loss on the sale of the fixtures (Ender a loss with a minus sign or parentheses) 8100 Market value of assets received Less Book value of asset doposed of Cost Less Accumulated Depreciation Gain or (Loss)

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Depreciation for each year 74800 10000 9 years 7200 Depreciation for 7 months ... View the full answer