Hi, I have an asset and I am going to sell part of the asset. The original asset was recorded as one whole value and there is no easy way of valuing the part of the asset to be sold. What are the different accounting options that I can use to record this sale including the entries required to adjust the original asset?
Thanks,

I don't know that there are any specific rules about selling part of an asset. Are you going to be able to use the part you're keeping? If so, you may be able to determine the market values of both what you're selling and what you're keeping, and then pro-rate it to the original value and to the depreciation so that you can get that pro-rated share off the books. There's a lump sum purchase, which is paying one price for a batch of stuff and then pro-rating it out based on market price of the individual items -- I guess this is sort of backwards of that.

Anyone else want to weigh in an opinion on this?