On January 2, 2016, Just for Pet purchased fixtures for $31,200 cash, expecting the fixtures to remain in service for seven years. Just for Pet has depreciated the fixtures on a straight-line basis, with $6,000 residual value. On July 31, 2018, Just for Pet sold the fixtures for $16,400 cash. Record both depreciation expense for 2018 and sale of the fixtures on July 31, 2018. (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. Check your spelling carefully and do not abbreviate.) Begin by recording the depreciation expense as of Jul. 31, 2018. Date Accounts and Explanation Debit Credit Jul. 31 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 July 31, 2018. Date Accounts and Explanation Debit Credit Jul. 31