Homework: HW Depreciation O Part 1 of 4 Score: 0 of 1 point Save Assume that on January 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. Requirement 1. Record both the depreciation expense on the fixtures for 20X7 and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Maxwell's disposal of these fixtures. Start by recording depreciation expense on the fixtures for 20X7. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journal Entry Date Accounts Debit Credit Aug 31