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

Accepted answer
in Assets 2 comments


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 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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