On January $2,2023,$ Couture Clothing Consignments purchased showroom fixtures for $$11,000$ cash, expecting the fixtures to remain in service for five years.

Couture has depreciated the fixtures on a double$-$declining$-$balance basis, with zero residual value. On August $31,2024,$ Couture sold the fixtures for $$5,000$

cash. Record both depreciation expense for $2024$ and sale of the fixtures on August $31,2024.($Record debits first, then credits. Select the explanation on the last

line of the journal entry table. Note that $2023$ depreciation was recorded and posted in $2023.)$

Begin by recording the depreciation expense for January $1,2024$ through August $31,2024.$

Before recording the sale of the fixtures, let's calculate any gain or loss on the sale of the fixtures.

Market value of assets received

Less: Book value of asset disposed of

Cost

Less: Accumulated Depreciation

Gain or $($Loss$)$