Recording partial year depreciation and sale of an asset

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Reference no: EM131202322

On January 2, 2013, 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 zeros residual value. On October 31, 2014, Repeat sold the fixtures for $6,200 cash. Repeat both depreciation expense for 2014 and sale of the fixtures on October 31, 2014.

Reference no: EM131202322

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Recording partial year depreciation and sale of an asset : On January 2, 2013, 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 zeros residual va..

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