E9-23 (similar to) Question Help o On January 2, 2016, Pet Haven purchased fixtures for $50,000 cash, expecting the fixtures to remain in service for eight years. Pet Haven has depreciated the fixtures on a straight-line basis, with $2,000 residual value. On July 31, 2018, Pet Haven sold the fixtures for $30,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on July 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 Jul. 31, 2018. Date Accounts and Explanation Debit Credit Jul. 31 Depreciation ExpenseFixtures Accumulated DepreciationFixtures