On January 2, 2022, Royal Pet purchased fixtures for $30,500 cash, expecting the fixtures to remain in service for five years. Royal Pet has depreciated the fixtures on a straight-line basis, with $2,000 residual value. On July 31, 2024, Royal Pet sold the fixtures for $11,775 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.) Begin by recording the depreciation expense as of Jul. 31, 2024. Date Accounts and Explanation Debit Credit Jul. 31 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 Date Accounts and Explanation Debit Credit Jul. 31