Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
A journal entry should be made with the heading "Profit on sale of fixed assets to be booked and the sold assets removed from the "Fixed Assets Register." Gain or Loss on Retirement is calculated as follows: Asset Cost, Proceeds from Sale, Removal Cost, Net Book Value Retired, plus Revaluation Reserve Retired.
The journal entry value of an asset must be eliminated from the balance sheet when it is retired, sold, donated, or otherwise disposed of. The procedure considers the asset's initial purchase price, current book value, amount depreciated during the asset's life, and any cash received. Debit all accrued depreciation, credit the fixed asset, and credit the gain on sale of asset account when there is a gain on the sale of a fixed asset.
To learn more about asset, click here.
https://brainly.com/question/14404094
#SPJ4
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.
