On January 2, 2015, Thrifty Clothing Consignments purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Thrifty has depreciated the fixtures on a double dedining-balance basis, with zero residual value. On October 31, 2016, Thrifty sold the fixtures for $8,000 cash. Record both depreciation expense for 2016 and sale of the fixtures on October 31, 2016. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table.) Begin by recording the depreciation expense for 2016. Date Accounts and Explanation Debit Credit Oct. 31 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)