On January 2, 2017, Family Clothing Consignments purchased showroom fixtures for $16,000 cash, expecting the fixtures to remain in service for five years. Family has depreciated the foctures on a double-declining-balance basis, with zero residual value. On October 31, 2018, Family sold the fixtures for $7,300 cash Record both depreciation expense for 2018 and sale of the fixtures on October 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that 2017 depreciation was recorded and posted in 2017.) Credit Begin by recording the depreciation expense for January 1, 2018 through October 31, 2018 Date Accounts and Explanation Oct. 31 Depreciation Expense-Fixtures Accumulated Depreciation Fidures alt Debit 3.200 3,200 Ons 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. Market value of assets received Less: Book value of asset disposed Cost Less: Accumulated Depreciation ng 11 1 21 113 Gain or (Loss) 3/1