On January 2, 2014, Royal Pet purchased fixtures for $39,200 cash, expecting the fixtures to remain in service for six years. Royal Pet has depreciated the fxtures on a straight-line basis, with $5,000 residual value. On July 31,2016 , Royal Pet sold the fixtures for $20,975 cash. Record both depreciation expense for 2016 and sale of the fixtures on July 31, 2016. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Beain by recording the depreciation expense for 2016. 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 On January 2, 2014, Royal Pet purchased fixtures for $39,200 cash, expecting the fixtures to remain in service for six years. Royal Pet has depreciated the fxtures on a straight-line basis, with $5,000 residual value. On July 31,2016 , Royal Pet sold the fixtures for $20,975 cash. Record both depreciation expense for 2016 and sale of the fixtures on July 31, 2016. (Assume the modified half-month convention is used. Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Beain by recording the depreciation expense for 2016. 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