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On January 2, 2016, Pet Salon purchased fixtures for $45,200 cash, expecting the fixtures to remain in service for nine years

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On January 2, 2016, Pet Salon purchased fixtures for $45,200 cash, expecting the fixtures to remain in service for nine years. Pet Salon has depreciated the fixtures on a straight-line basis, with $2,000 residual value. On August 31, 2018, Pet Salon sold the fixtures for $31,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 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.) Begin by recording the depreciation expense as of Aug. 31, 2018. Date Debit Credit Aug. 31 Accounts and Explanation Depreciation Expense—Fixtures Accumulated Depreciation—Fixtures 3,200 3,200 To record depreciation on fixtures. Before recording the sale of the fixtures, let's 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 Cost Less: Accumulated Depreciation Gain or (Loss)