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Fixed Asset Retirement

Sometimes a company gets rid of a fixed asset before the end of its useful life (perhaps it is equipment that has broken and needs to be thrown out). This is called a retirement and is similar to the disposal of a fixed asset, except the company is not receiving any cash. For example, let's say that a company purchased a work truck for $50,000 and took $32,000 of depreciation for the truck over a period of several years. The truck broke down before the end of its useful life, however, and the company decided it wasn't worth it to have the truck repaired. Thus, the company gave the truck to a junkyard and received nothing in return. To account for this, the company would (a) reduce its property, plant, and equipment account by $50,000, (b) reduce its accumulated depreciation by $32,000, and (c) record a loss of $18,000. The loss would reduce the company's net income on the income statement. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *  / prof_mclaughlin   — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/4WaNTqV... Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK   / prof_mclaughlin   — ACCESS INDEX OF VIDEOS https://www.edspira.com/index — CONNECT WITH EDSPIRA Facebook:   / edspira   Instagram:   / edspiradotcom   LinkedIn:   / edspira   — CONNECT WITH MICHAEL Twitter:   / prof_mclaughlin   LinkedIn:   / prof-michael-mclaughlin   — ABOUT EDSPIRA AND ITS CREATOR https://www.edspira.com/about/ https://michaelmclaughlin.com