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-   -   JE for costs incurred for disposition of asset (https://www.askmehelpdesk.com/showthread.php?t=385390)

  • Aug 10, 2009, 11:50 AM
    rblum
    JE for costs incurred for disposition of asset
    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?
  • Aug 11, 2009, 08:29 AM
    hamzashakaa

    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

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