Assume that on Jan 2, 20X6, Maxwell of Michigan purchased fixtures for $8,900 cash, expecting the fixtures to remain in service for five years. Maxwell has depreciated the fixtures on a double-declining-balance basis, with $1,400 estimated residual value. On August 31. 20X7, Maxwell sold the fixtures for $2,800 cash. Record both the depreciation expense on the fixtures for 20X7 and the sal of the fixtures. Apart from you journal entry, also show how to compute the gain or loss on Maxwell's disposal of these fixtures.