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On January 2, 2012, Repeat Clothing Consignments

Price: $2.99


E9-20 Partial year depreciation and sale of an asset [10–15 min]

On January 2, 2012, 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 zero residual
value. On October 31, 2013, Repeat sold the fixtures for $6,200 cash.

Requirement

1. Record both depreciation for 2013 and sale of the fixtures on October 31, 2013

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