On January 2, 2016, Pet Oasis purchased fixtures for $57,800 cash, expecting the fixtures to remain in service for eight years. Pet Oasis has depreciated the fixtures on a straight-line basis, with $5,000 residual value. On July 31, 2018, Pet Oasis sold the fixtures for $38,250 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.) Debit Credit Begin by recording the depreciation expense as of Apr 30, 2018 Date Accounts and Explanation Apr. 30 Depreciation Expense-Fixtures Accumulated DepreciationFixtures 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 fassets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Now, record the sale of the fixtures on April 30, 2018. Date Accounts and Explanation Debit Credit Apr. 30 Cash Accumulated DepreciationFixtures Loss on Disposal Fixtures Sold fixtures for cash