What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? The equipment sold is used.Journalize entries for sale of assets. I'm stuck on how to record the sale of this asset, showing the closing cost and net gain on this journal entry. 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. The guide is divided into eight sections – (I) Overview for. Filing a Business Property Statement, (II) Filing a Form 571-L Electronically (e-File),. When reporting a sale, include the new owner's name and mailing address. Prepare quarterly and mid-year financial reports, investment reports and sales tax reports for the City Manager,. Assistant City Manager, and the City Council.