When you first purchase new equipment, you need to debit the specific equipment (ie, asset) account. And, credit the account you pay for the asset from.Department of Real Estate and Asset Management must approve the purchase on the. Vehicle Replacement Justification Form (B). The inclusion of a covenant not to compete in the Asset Purchase Agreement was discussed at length throughout the negotiations. A wellprepared balance sheet can provide an objective measure of farm business growth, liquidity, solvency, and risk bearing capacity.