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After some period of fixed asset usage, the organization may decide to sell the asset. The sales may require recording of a gain or loss on the transaction in the reporting period when the sales sale occurs.
At the period of sales sale, the fixed asset's net book value (carrying value) is the difference between the initial cost Gross Cost and the accumulated depreciation. Any difference between the proceeds from sales sale and the fixes asset's net book value is recognized as either a gain or a loss.
The Fixed Asset Sales list
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