can you check my answer and do the middle part exactly as shown exactly On Janua

Question

can you check my answer and do the middle part exactly as shown exactly

On January 2, 2015, Thrifty Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Thrifty has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On October 31, 2016, Thrifty sold the fixtures for $8,000 cash. Record both depreciation expense for 2016 and sale of the fixtures on October 31, 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the depreciation expense for 2016. Date Accounts and Explanation Debit Credit Oct. 31 Depreciation E Fixtures 3,600 Accumulated Depreciation-Fixtures 3,600 To record depreciation on fixtures. Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the foxtures. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)

Explanation / Answer

the first depreciation entry is correct

Depreciation rate = 1/5*2 0.4 40% depreciation for year 2015 18000*40% 7200 Depreciation for year 2016 (18000-7200)*40%*10/12 3600 Market value of assets received 8,000 less:Book value of asset disposed of cost 18,000 less:Accumulated Depreciation 10800 7,200 Gain or (l0ss) 800 Date Accounts and explanation Debit Credit 31-Oct Cash 8,000 Accumulated depreication 10,800 gain on disposal 800 Fixtures 18,000

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