Question: Please answer this question. it is all one question! Assume that on January 2, 2016, a Happy Day franchise purchased fixtures for $12,200 cash, expecting

 Please answer this question. it is all one question! Assume thaton January 2, 2016, a Happy Day franchise purchased fixtures for $12,200

Please answer this question. it is all one question!cash, expecting the fixtures to remain in service five years. The restaurant

Assume that on January 2, 2016, a Happy Day franchise purchased fixtures for $12,200 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $900 estimated residual value. On June 30, 2017, Happy Day sold the fixtures for $2,200 cash. Record both the depreciation expense on the fixtures for 2017 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Happy Day's disposal of these fixtures. Record both the depreciation expense on the fixtures for 2017 and then the sale of the fixtures. First record the depreciation expense on the fixtures. (Record debits first, then credits. Explanations are not required. Round the depreciation expense to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit June 30 Before recording the sale of fixtures, show the calculation of the gain or loss on sale by completing the following table. (Use parentheses or a minus sign when subtracting numbers or to indicate a loss.) Gain or loss is computed as follows: Choose from any list or enter any number in the input fields and then continue to the next question. ? Record the sale of the fixtures. Journal Entry Date Accounts Debit Credit June 30 Choose from any list or enter any number in the input fields and then continue to the next question. ? Gain or loss is computed as follows: Carrying amount of old fixtures: Cost Gain on sale Less: Accumulated depreciation Less: Depreciation expense Recor Loss on sale Sale price of old fixtures Date Accounts al Entry Debit Credit

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