On January 2, 2022, Sweet Pet purchased fixtures for $23,500 cash, expecting the fixtures to remain in service for five years. Sweet Pet has depreciated the fixtures on a straight-line basis, with $10,000 residual value. On May 31, 2024, Sweet Pet sold the fixtures for $10,475 cash. Record both depreciation expense for 2024 and sale of the fixtures on May 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 Accounts and Explanation Debit Credit May 31 Depreciation Expense-Fixtures 1,125 Accumulated Depreciation-Fixtures 1,125 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 23,500 Less: Accumulated Depreciation Gain or (Loss) 10,475