Create an account
second step to selling a fixed asset
Debit Cash for any cash received
Third step to selling a fixed asset
Determine if there is a gain or a loss on the sale. (BV vs SP)
Gain on Sale of Fixed Asset
*Losses have credit balances
Natural Resources- depletion
* Use units of production depreciation method!
The Relevant factors in computing depreciation include:
2. Salvage value
3. Useful life
4. Depreciation method
A method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called:
Units - of - production depreciation
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