On January 2, 2016 Pet HavenPet Haven purchased fixtures for $30,800 cash, expecting the fixtures to remain in service for six years. Pet Haven has depreciated the fixtures on a straight-line basis, with $2,000 residual value. On August 31,2018, Pet HavenPet Haven sold the fixtures for $13,500 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 31,2018.

On January 2, 2016, Pet Haven purchased foxtures for $30,800 cash, expecting the foxtures to remain in service for six years. Pet Haven has depreciated the fixtures on a straight-line basis, with $2,000 residual value. On August 31, 2018, Pet Haven sold the fixtures for $13,500 cash. Record both depreciation expense for 2018 and sale of the fioxtures 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. Accounts and Explanation Date Debit Credit Depreciation Expense-Faxtures 3,200 Aug. 31 3,200 Accumulated Depreciation-Fotures To record depreciation on fixtures 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)