how-would-you-record-the-retirement-of-an-asset-with-a-net-book-value-of-3000-an

Question

How would you record the retirement of an asset with a net book value of $3,000 and no proceeds received?

Accepted Answer

Debit Accumulated Depreciation $$X; Credit Equipment Y$$; Debit Loss on Disposal $3,000

Answer

Debit Cash $$3,000; Credit Equipment 3$$,000

Answer

Debit Equipment $$X; Credit Accumulated Depreciation Y$$; Credit Loss on Disposal $3,000

Answer

Debit Equipment $$3,000; Credit Accumulated Depreciation 3$$,000

How would you record the retirement of an asset with a net book value of \$3,000 and no proceeds received?