On January 2, 2016, Pet Oasis purchased fixtures for $26.400 cash, expecting the fixtures to remain in service for six years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $3,000 residual value. On July 31, 2018, Pet Oasis sold the fixtures for $12,825 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.) Begin by recording the depreciation expense as of Jul 31, 2018 Date Credit Accounts and Explanation Depreciation Expense-Fixtures Accumulated DepreciationFixtures Debit 2,275 Jul. 31 2,275 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.) $ 12.825 Market value of assets received Less: Book value of asset disposed of Cost $ 26.400 Less: Accumulated Depreciation (11300) 15100 (2275) Gain or (Loss)