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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