On January $2,2022,$ Pet Haven purchased fixtures for $$61,600$ cash, expecting the fixtures to remain in service for eight years. Pet Haven has depreciated the fixtures on a straight$-$line basis, with $$4,000$ residual value. On April $30,2024,$ Pet Haven sold the fixtures for $$40,800$ cash. Record both depreciation expense for $2024$ and sale of the fixtures on April $30,2024.($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 Apr. $30,2024.$

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$)$