As part of a major renovation at the beginning of the year, Bonham’s Bakery sold shelving units (store fixtures) that were 13 years old for $2,300 cash. The original cost of the shelves was $7,000 and they had been depreciated on a straight-line basis over an estimated useful life of 15 years with an estimated residual value of $1,300.
Record the sale of the shelving units.
