Is there a way to fully depreciate asset without retiring it?
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.
Asset Cost = 3,000
Useful Life = 3 years
Depreciation method = straight line
In year 2, we need to fully depreciate the asset
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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