On January 2, 2022, Sweet Pet purchased fixtures for $55,800 cash, expecting the fixtures to remain in service for eight years. Sweet Pet has depreciated the fixtures on a straight-line basis, with $3,000 residual value. On July 31, 2024. Sweet Pet sold the fixtures for $36,250 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 tine of the journal entry table.) Begin by recording the depreciation expense as of Jul 31, 2024 Accounts and Explanation Date Debit Credit JUL 31 Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fxtures. (Enter a loss with a minus sign or parentheses.) de Market value of assets received Loss Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Lions) Now, record the sale of the fixtures on July 31, 2024 Now, record the sale of the fixtures on July 31, 2024. Date Accounts and Explanation Debit Credit Jul. 31