Asset retirement: Point at which asset is no longer useful and is disposed of
- Asset cost and accumulated depreciation for the asset are removed from the books
- Gain or loss on disposition whether sold or scrapped will likely to go under extraordinary income
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One of your top priorities as a small business owner is keeping a close eye on the money you bring in and pay out, which is why it’s critical to have the right accounting software. You need a program that helps you accomplish your daily accounting tasks. Here are our best picks for tools we recommend and use.
