Partial year depreciation and sale of an asset [10-15 min]
On January 2, 2012, Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2013, Repeat sold the fixtures for $6,200 cash.
Requirement
1. Record both depreciation for 2013 and sale of the fixtures on October 31, 2013.
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