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Question: none of my answers were right on this...

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none of my answers were right on this

On January 2, 2016, Sweet Pet purchased fixtures for S54,100 cash, expecting the fixtures to remain in service for seven years. Sweet Pet has depreciated the fxctures on a straight-line basis, with $10,000 residual value. On May 31, 2018, Sweet Pet sold the fixtures for $35,375 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit May 31 Depreciation Expense-Fixtures 2,625 Accumulated Depreciation Fixtures 2,625 To record depreciation on fixtures. Before recording the sale of the fixtures, lets calculate any gain or loss on the sale of the fixtures. (Enter a loss with a minus sign or parentheses.) Market value of assets received Less: Book value of asset disposed of 54100 35375 2625 Cost 38000 Less: Accumulated Depreciation Gain or (Loss) 16100

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