Is there a way to fully depreciate asset without retiring it?

Summary:

We need to fast track depreciation of asset or fully depreciate asset because it was damaged and can no longer be used but it should not be retired.

Example:

Asset Cost = 3,000

Useful Life = 3 years

Depreciation method = straight line

In year 2, we need to fully depreciate the asset

Depreciation entries

Year 1:

Depreciation Expense 1,000

Accumulated Depreciation 1,000

Year 2: Fully depreciate asset

Depreciation Expense 2,000

Accumulated Depreciation 2,000

NBV at Year 2 should be zero (0)

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