On January 2, 2022, Royal Pet purchased fixtures for $42,700 cash, expecting the fixtures to remain in service for seven years. Royal Pet has depreciated the fixtures on a straight-line basis, win $7.000 residual value. On June 30, 2024, Royal Pet sold the fatures for $23,450 cash. Record both depreciation expense for 2024 and sale of the Extures 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) Begin by recording the depreciation expense as of Jun 30, 2024 Date Accounts and Explanation Jun 30 Deenciation Expense-Fixtures Accumulated Depreciation-Fixtures Debit Credit 2125 2126 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 Lass Book value of asset diaposed of 23450 Cost Less: Accumulated Depreciation Gainor (Loss) Now, record the sale of the fixtures on June 30, 2024 Date Jun. 30 42700 2125 Accounts and Explanation Debit Credit