Assume that on January 2, 2010, McKnight of Wyoming purchased fixtures for $8,300 cash, expecting the fixtures to remain in service for five years. McKnight has depreciated the fixtures on a double-declining-balance basis, with $1,700 estimated residual value. On September 30, 2011, McKnight sold the fixtures for $2,300 cash. Record both the depreciation expense on the fixtures for 2011 and then the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on McKnight’s disposal of these fixtures.