On January $2,2024,$ Loved Clothing Consignments purchased showroom fixtures for $\backslash (\backslash$$ $10,000\backslash )$ cash, expecting the fixtures to remain in service for five years. Loved Clothing Consignments has depreciated the fixtures on a double$-$declining$-$balance basis, with zero residual value. On August $31,2025,$ Loved Clothing Consigniments sold the fixtures for $\backslash (\backslash$$ $5,500\backslash )$ cash. Record both depreciation expense for $2025$ and sale of the fixtures on August $31,2025.($Record debits first, then credits. Select the explanation on the last line of the journal entry table. Note that $2024$ depreciation was recorded and posted in $2024.)$

Begin by recording the depreciation expense for January $1,2025$ through August $31,2025.$

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

Fair value of assets received

Less: Book value of asset disposed of Cost

Less: Accumulated Depreciation

Gain or $($Loss$)$