On January 2, 2012 Pet Salon purchased fixtures for $37,400 cash, expecting the factures to remain in service for nine years Pet Salon has depreciated the fixtures on a straight-line basis, with $5,000 residual value on August 31, 2014, Pot Salon sold the fixtures for $24

On January 2, 2012 Pet Salon purchased fixtures for $37,400 cash, expecting the factures to remain in service for nine years Pet Salon has depreciated the fixtures on a straight-line basis, with $5,000 residual value on August 31, 2014, Pot Salon sold the fixtures for $24.800 cash. Record both depreciation expense for 2014 and sale of the fixtures on August 31, 2014 Begin by recording the depreciation expense for 2014. (Record debits first, then credits. Explanations will appear on the last line of the journal entry table.) Date Accounts and explanation Dobit Credit Aug. 31