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Par 2 of 3 139.2 of 154 points Points: 395 of 15 Save On January...

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Accounting

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Par 2 of 3 139.2 of 154 points Points: 395 of 15 Save On January 2, 2022. Sweet Pot purchased fotures for 534,600 cash, expecting the fatures to remain in service for seven years. Sweet Pet has deprecated the futures on a straighine basis with $1,000 residual value on May 31, 2024, Sweet Pot sold the fixtures for $16,500 cash Record both depreciation expense for 2024 and sale of the fores on May 31, 2024 Assume the modified half month convention is used Record debts first, then creats Select the explanation on the last line of the journal entry table) Begin by recording the depreciation expense as of May 31, 2024 Date Accounts and Explanation May 31 Depreciation Expense Futures Accumulated Depreciation Fatores Debit Credit 2.000 2,000 To record depreciation on future Before recording the sale of the futures, let's calculate any gain or loss on the sale of the fatures (Enter a loss with mr son or perhe Market value of assets received Less Book value of asset disposed of Cost Lose. Accumulated Depreciation Gain of LOS

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