Requirement 1: Prepare the journal entry for impairment loss that Clark Corp. Should recognize according to IFRS in 2016.What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. New transfer from fixed asset account to bank account, the amount is equal to your sale price. 2.