On January 2, 2022, King Pet purchased thes for 560,400 cash, expecting the fixtures to remain in service for seven years. King Pet has depreciated the futures on a straight-line tests, with $10,000 residual value. On June 30, 2024, King Pet sold the foures for $41,400 cash. Record both depreciation expense for 2024 and sale of the fixtures on June 30, 2024 Assume the modified half month convention is used Record debits first, then credits Select the explanation on the last line of the joumal entry table) Begin by recording the depreciation expense as of Jun 30, 2024 Date Accounts and Explanation Jun 30 Debit Credit Sori ure Before recording the sale of the foures, let's calculate any gain or fons on the sale of the fixtures. (Enter a los with a minusion of parente Market value of nets received Less Book value of asset deposed of Cost Los Accumulated Depreciation Gain or Los dy tion On January 2, 2022, King Pet purchased fedures for $60,400 cash, expecting the factures to remain in service for seven years. King Pet has depreciated the futures on a straight-line basis, with $10,000 residual value. On June 30, 2024, King Pet sold the fixtures for $41,400 cash Record both depreciation expense for 2024 and sale of the fixtures on June 30, 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.) Before recording the sale of the fotures, les calculate any gain or loss on the sale of the futures (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 June 30, 2024 Date Accounts and Explanation Debit Credit Jun 30