On January 2, 2014, Sweet Pet purchased fixtures for $57,400 cash, expecting the fixtures to remain in service for seven years. Sweet Pet has depreciated the fixtures on a straight-line basis, with $7,000 residual value. On June 30, 2016, Sweet Pet sold the fixtures for $36,400 cash. Record both depreciation expense for 2016 and sale of the fixtures on June 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 Jun. 30 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 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 June 30, 2016. Date Accounts and Explanation Debit Credit Jun. 30