e of E7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,000 estimated residual value On June 30, 2014, Pizza Hut sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2014 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Pizza Hut's disposal of these fixtures.

e of E7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000 cash, expecting the fixtures to remain in service five years. The restaurant has depreciated the fixtures on a double-diminishing-balance basis, with $1,000 estimated residual value On June 30, 2014, Pizza Hut sold the fixtures for $5,000 cash. Record both the depreciation expense on the fixtures for 2014 and then the sale of the fixtures. Apart from your journal entries, also show how to compute the gain or loss on Pizza Hut's disposal of these fixtures.

Name: sale ofE7-24 Assume that on January 2, 2013, a Pizza Hut franchise pu
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Description: sale ofE7-24 Assume that on January 2, 2013, a Pizza Hut franchise purchased fixtures for $15,000cash, expecting the fixtures to remain in service five years. The restaurant has depreciatedthe fixtures on a double-diminishing-balance basis, with $1,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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