Question

How do I correct the table? I believe the labels are correct, and the final amount is correct but I'm not sure how to correct the parentheses. Please help, thank you.

Assume that on January 2, 2016, a Brew Time franchise purchased fixtures for $12,500 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,200 estimated residual value. On June 30, 2017, Brew Time sold the fixtures for $2,500 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 Brew Time's disposal of these fixtures. Credit Date June Journal Entry Accounts 30 Depreciation Expense Accumulated Depreciation - Fixtures Debit 1,500 1,500 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: Sale price of old fixtures Carrying amount of old fixtures: 2,500 Cost 12,500 (6,500) Less: Accumulated depreciation _ (6,000) (3,500) Loss on sale

Answer 1

Just try to remove 'parantheses'

Sale price of old fixtures		2,500
Carrying amount
Cost	12,500
Less : Accumulated Depreciation	(6,500)	6,000
Loss on sale		(3,500)