On January 2, 2022, Pet Retreat purchased fixtures for $55,900 cash, expecting the fixtures to remain in service for nine years. Pet Retreat has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On July 31, 2024, Pet Retreat sold the fixtures for $37,225 cash. Record both depreciation expense 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 line of the journal entry table.) Begin by recording the depreciation expense as of Jul. 31, 2024. Date Accounts and Explanation Accumulated Depreciation-Fixtures Jul. 31 Depreciation Expense-Fixtures Debit Credit 2,975 2,975 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)