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rblum
Aug 10, 2009, 11:50 AM
I sold an asset that I had partially depreciated. I incurred $16k in selling costs. I'm confused as to how I record the costs so that it reduces my basis.

Asset $185k
Accum Depr $16k
Sales price $195k
Costs $16k

What would be the JE for this?
hamzashakaa
Aug 11, 2009, 08:29 AM
Dr. Accumulated depreciation 16
Dr. Cash 195
Cr. Asset 185
Cr. Gain from sale of fixed assets 26

Dr. SELLING EXPENSES 16
Cr. Cash 16