OBJECTIVE 3 TOPIC- Disposal of Fixed Assets > NOTE: After a fixed asset is no...
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OBJECTIVE 3 TOPIC- Disposal of Fixed Assets > NOTE: After a fixed asset is no longer used by a business, it is either discarded or sold. 9. What are the two steps to record a discarded fixed asset? 10. What are the three steps to record the sale of a fixed asset: 11. How can the gain or loss from the sale of a fixed asset be determined? OBJECTIVE 4 TOPIC: Accounting for natural resources, including the journal entry for depletion. 12. What are some examples of natural assets (resources). 13. Define Depletion Expense: 14. What are the two calculating steps to calculate depletion expense amount? a) b) 15. What is the adjusting entry at the end of the period to record depletion expense? Include the name of accounts and whether the accounts are Dr. or Cr. in the journal entry
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