On January 2, 2017, Once Again Clothing Consignments purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Once Again has depreciated the fixtures on a double-declining-balance basis, with zero residual value. On August 31, 2018, Once Again sold the fixtures for $5,000 cash. Record both depreciation expense for 2018 and sale of the fixtures on August 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.) Begin by recording the depreciation expense for January 1, 2018 through August 31, 2018. Date Debit Credit Aug. 31 Accounts and Explanation Depreciation ExpenseFixtures Accumulated DepreciationFixtures 1,600 1,600 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 10000 Less: Book value of asset disposed of Cost 5000 1600 66001 Less: Accumulated Depreciation 3400 Gain or (Loss)