On January $2,2023,$ Snug Clothing Consignments purchased showroom fixtures for $$10,000$ cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double$-$declining$-$balance basis, with zero residual value. On August $31,2024,$ Snug sold the fixtures for $$5,500$ cash. Record both depreciation expense for $2024$ and sale of the fixtures on August $31,2024.($Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that $2023$ depreciation was recorded and posted in $2023.)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Aug$.31,\backslash$table$[[$Depreciation Expense$-$Fixtures$],[$Accumulated Depreciation$-$Fixtures$]],1,600,1,600],[,$To record depreciation on fixtures.,,$]]$

Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures.

Market value of assets received

Less: Book value of asset disposed of

Cost

Less: Accumulated Depreciation

$$

$$

$$

Gain or $($Loss$)$