Managing return of item issued to project

Summary

Managing return of item issued to project which needs to be sent to supplier for swap out

Content

Any advice on how to handle return of inventory item which was issued to a project and then capitalized and created as an asset? The reason for the return is because the item needs to be repaired and swapped out by the supplier. I have been thinking following the below process but any other suggestions will be of great help? Thanks.

1. Misc. receipt back into inventory to a special repairs subinventory.

2. Misc. issue of another item back to project.

3. Misc. issue of item sent to supplier for repair from subinventory specified in step 1 above.