On January 2, 2022, King Pet purchased fixtures for $63,600 cash, expecting the fixtures to remain in service for eight years. King Pet has depreciated the fixtures on a straight-line basis, with $6,000 residual value. On July 31, 2024, King Pet sold the fixtures for $42,000 cash. Record both depreciation expense for 2024 and sale of the fixtures on July 31, 2024. (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.) --- Date Debit Begin by recording the depreciation expense as of Jul. 31, 2024 Accounts and Explanation Jul. 31 Depreciation Expense-Fixtures Accumulated Depreciation--Fixtures Credit 4200 4200 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 Gain or (Loss) Now, record the sale of the fixtures on July 31, 2024. Debit Credit Date 42000 Jul. 31 Accounts and Explanation Cash Accumulated Depreciation-Fixtures Loss on Disposal 4200 Fixtures Sold fixtures for cash