What is the leading practise of replacing an asset that has already started depreciating with a repl

Scenario

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1. An item is received in inventory which creates an asset in FA.

2. After the first month of depreciation; its come to notice that the wrong item was received or that its defective. So the item is returned to the vendor through a Misc. Issue. This retires the associated asset

3. The replacement item is a different one as compared to the original item. Since its a replacement item there is not liability (No cash exchange)

4. A misc. receipt would result in a new asset being created with a new depreciation cycle.

5. The NBV of the previous asset is lost in Gain/Loss Account.