On January $2,2023,$ Snug Clothing Consignments purchased showroom fixtures for $$16,000$ cash, expecting the fixtures to remain in service for five years. Snug has depreciated the fixtures on a double$-$declining$-$balance basis, with zero residual value. On September $30,2024,$ Snug sold the fixtures for $$8,200$ cash. Record both depreciation expense for $2024$ and sale of the fixtures on September $30,2024.($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 $2023.)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Sep$.30,$Depreciation Expense$-$Fixtures,,$],[$Accumulated Depreciation$-$Fixtures,$2,880,,],[,,,],[,,,]]$

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

$\backslash$table$[[$Market value of assets received,,,$$,8,200],[$Less: Book value of asset disposed of$],[$Cost$,$$$,16,000,,],[$Less: Accumulated Depreciation,,$(9,280),,6,720],[$Gain or $($Loss$),,,$$$,1,480]]$

Now, record the sale of the fixtures on September $30,2024.$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[\backslash$table$[[$Date$],[$Sep$.30]]],[,$Cash,,$],[,,,],[,$cald fivturoc for cash,,$]]$