Assume that on January 1, 2016, Maxwell Co. purchased fixtures for $8,500. On the date of purchase, the company had estimated a service life of five years, with a $1,600 estimated residual value. On October 31, 2017, the company sold the fixtures for $2,700 Assume that the company uses the DDB depreciation method. Record the sale of the fixtures on October 31, 2017 Journal Entry Date Accounts Debit Credit Oct 31 Accumulated Depreciation-Fixtures Assume that on January 1, 2016, a company acquired equipment for $8,500. A five year useful service life was estimated. The company uses the double-declining-balance depreciation method. Assume also that, when the equipment was purchased, a $1,500 residual value had been estimated. On August 31, 2017, the company sold the equipment for $2,100 Requirement: Complete the following to determine the gain or loss on the sale of the equipment. (If it is a loss, use a minus sign or parentheses.) - Gain (Loss) on sale