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) Enter any number in the edit fields and then click Check Answer. Sep. 1: Sold a building that cost $555,000 (accumulated depreciation of $255,000 through December 31 of the preceding year). Whitney Plumb Associates received $340,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $75,000. Before we record the sale of the building, we must record depreciation on the building through September 1, 2018. Date Accounts and Explanation Debit Credit Sep. 1