On January 2, 2016, Pet Retreat purchased fixtures for $52,000 cash, expecting the fixtures to remain in service for ten years. Pet Retreat has depreciated the fixtures on a straight-line basis with $4 000 residual value. On April 30, 2018 Pet Retreat sold the fixtures for $39.800 cash. Record both depreciation expense for 2018 and sale of the fixtures on April 30 2018 (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.) $ 39,800 Market value of assets received Less Book value of asset disposed of Cost $ 52.000 Less Accumulated Depreciation Gain or loss