On January 2, 2016, King Pet purchased fixtures for $32,800 cash, expecting the fixtures to remain in service for eight years. King Pet has depreciated the fixtures on a straight-line basis, with $4,000 residual value. On August 31, 2018, King Pet sold the fixtures for $17,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 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.) Begin by recording the depreciation expense as of Aug. 31, 2018. Date Accounts and Explanation Aug. 31 Depreciation Expense-Fixtures Accumulated Depreciation-Fixtures To record depreciation on fixtures. Debit Credit