On January 2, 2016, Pet Spa purchased fixtures for $37,800 cash, expecting the fixtures to rem Previous question rs. Pet Spa has depreciated the fixtures on a straight-line basis with $9,000 residual value. On May 31, 2018, Pet Spa sold the fixtures for $24,200 cash. Record both depreciation expense for 2018 and sale of the fixtures on May 31, 2018. (Assume the modified hall-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 May 31, 2018. Date Accounts and Explanation Depreciation Expense Fixtures Accumulated DepreciationFixtures May 31 2,000 2,000 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 $ 37,800 Gain or (Loss)