E9-23 (similar to) Question Help On January 2, 2016, Royal Pet purchased fixtures for $52,100 cash, expecting the fixtures to remain in service for seven years. Royal Pet has depreciated the fixtures on a straight-line basis, with $8,000 residual value. On August 31, 2018, Royal Pet sold the fixtures for $34,300 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 Accounts and Explanation Aug. 31 Debit Credit