On January 2, 2014, Pet HavenPet Haven purchased fixtures for $49,000 cash, expecting the fixtures to remain in service for ten years. Pet Haven has depreciated the fixtures on a straight-line basis, with $1,000 residual value. On April 30, 2016, Pet Haven sold the fixtures for $35,300 cash. Record both depreciation expense for 2016 and sale of the fixtures on April 30, 2016. (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 for 2016.

Date			Accounts and Explanation	Debit	Credit
Apr. 30			Depreciation ExpenseFixtures
			Accumulated DepreciationFixtures
			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. (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)

Now, record the sale of the fixtures on April 30, 2016.

Date			Accounts and Explanation	Debit	Credit
Apr. 30
			Sold fixtures for cash.

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