New transfer from fixed asset account to bank account, the amount is equal to your sale price. 2. When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale.What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? This video explains how to calculate and account for a sale of an asset when there is a gain or loss. The journal entry to dispose of fixed assets affects several balance sheet accounts and one income statement account for the gain or loss from disposal. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. When reporting a sale, include the new owner's name and mailing address. We are pleased to present the City of Alameda (City) Annual Comprehensive Financial Report for the fiscal year ending June 30, 2024.