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On January ?2, 2014?, King Pet purchased fixtures for $ 48 comma 400 ?cash, expecting...

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Accounting

On January ?2, 2014?, King Pet purchased fixtures for $ 48 comma 400 ?cash, expecting the fixtures to remain in service for eight years. King Pet has depreciated the fixtures on a? straight-line basis, with $ 10 comma 000 residual value. On August 31?, 2016?, King Pet sold the fixtures for $ 31 comma 100 cash. Record both depreciation expense for 2016 and sale of the fixtures on August 31?, 2016.

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