Journal Entry if Asset retired with Zero Cost

Hi All,

1) Could you please explain the journal entry if Asset is retired with Zero Cost. (Retired by adjusting the cost to Zero)

 

Note - This asset is not fully depreciated & in a useful condition.

 

2) If Asset is retired by adjusting the cost to Zero; will it be a Profit or Loss?

 

3) Is it possible to retire the asset by adjusting the cost to Zero without impacting the Profit or Loss?

 

 

Thanks

Kedar