Recording partial-year depreciation and sale of an asset on, Finance Basics

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Recording partial-year depreciation and sale of an asset on

Question: Recording partial-year depreciation and sale of an asset On January 2, 2014, Pet Oasis purchased fixtures for $25,200 cash, expecting the fixtures to remain in service for eight years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $6,000 residual value. On June 30, 2016, Pet Oasis sold the fixtures for $15,700 cash. Record both depreciation expense for 2016 and sale of the fixtures on June 30, 2016.

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