Question: please I need help with this. please also include explanations. thanks On January 2, 2016, King Pet purchased fixtures for $43,000 cash, expecting the fixtures
please I need help with this. please also include explanations. thanks 



On January 2, 2016, King Pet purchased fixtures for $43,000 cash, expecting the fixtures to remain in service for five years. King Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On August 31, 2018, King Pet sold the fixtures for $21,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (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 Aug. 31, 2018. Date Accounts and Explanation Debit Credit Aug. 31 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.) Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on August 31, 2018. Choose from any list or enter any number in the input fields and then continue to the next question. On January 2, 2016, King Pet purchased fixtures for $43,000 cash, expecting the fixtures to remain in service for five years. King Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On August 31, 2018, King Pet sold the fixtures for $21,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (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 sign or parentheses.) Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on August 31, 2018. Date Accounts and Explanation Debit Credit Aug. 31 Choose from any list or enter any number in the input fields and then continue to the next question. On January 2, 2016, King Pet purchased fixtures for $43,000 cash, expecting the fixtures to remain in service for five years. King Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On August 31, 2018, King Pet sold the fixtures for $21,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (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 Aug. 31, 2018. Date Accounts and Explanation Debit Credit Aug. 31 fixtures. (Enter a loss with a minus sign or parentheses.) Before recoi Discarded fixtures with a book value. Market valu Discarded fully depreciated fixtures. Less: Book Sold fixtures for cash. Cost To record depreciation on fixtures. Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on August 31, 2018. Choose from any list or enter any number in the input fields and then continue to the next question. On January 2, 2016, King Pet purchased fixtures for $43,000 cash, expecting the fixtures to remain in service for five years. King Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On August 31, 2018, King Pet sold the fixtures for $21,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31, 2018. (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 Aug. 31, 2018. Date Accounts and Explanation Debit Credit Aug. 31 Accumulated DepreciationFixtures Book value Cash Depreciation Expense-Fixtures Before recoi Fixtures Gain on Disposal Market valu Loss on Disposal Less: Book Maintenance Expenses Cost fixtures. (Enter a loss with a minus sign or parentheses.) Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on August 31, 2018. Choose from any list or enter any number in the input fields and then continue to the next
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