1. SALE OF A PLANT ASSET FOR BOOK VALUE1 2
1. Remove the original cost of the plant asset and its related accumulated depreciation. Record the cash received.
2. Complete Section 2 of the plant asset record.
Lesson 21-4, page 557

2. RECORDING A PLANT ASSET'S DEPRECIATION EXPENSE FOR A PARTIAL YEAR1 2 3
1. Debit the depreciation expense account.
2. Credit the accumulated depreciation account.
3. Update Section 3 of the plant asset record.
Lesson 21-4, page 558

3. SALE OF A PLANT ASSET FOR MORE THAN BOOK VALUE1 2
1. Record an entry to remove asset, record gain, and record cash.
2. Complete Section 2 of the plant asset record.
Lesson 21-4, page 559

4. SALE OF A PLANT ASSET FOR LESS THAN BOOK VALUE1 2
1. Record an entry to dispose of the asset, record a loss on plant assets, and record cash.
2. Compete Section 2 of the plant asset record.
Lesson 21-4, page 560

5. TERMS REVIEW gain on plant assets loss on plant assets
Lesson 21-4, page 561