Discarding the assets: Discarding the assets means the asset has been disposed of which he may have fetch a salvage value or not. When no salvage value is realized, in such a case the book value of asset is a complete loss and the book value of assets has to be closed from the books along with the loss on disposal. However, the asset realized any salvage value, then the loss is computed by after deducting the salvage value from the book value. TheJournal entries for the depreciation to be charged for the partial year and discard of the assets.

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Chapter 10, Problem S10.8SE

To determine

Discarding the assets:

Discarding the assets means the asset has been disposed of which he may have fetch a salvage value or not. When no salvage value is realized, in such a case the book value of asset is a complete loss and the book value of assets has to be closed from the books along with the loss on disposal. However, the asset realized any salvage value, then the loss is computed by after deducting the salvage value from the book value.

TheJournal entries for the depreciation to be charged for the partial year and discard of the assets.

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