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?A contra account is used in a general ledger to reduce the value of a related account when the two are netted together. The revenue standard provides guidance on presentation of assets and liabilities generated from contracts with customers. The term "intercompany income" refers to profit arising from transfer of inventories, properties, or other assets. To set up a new business account to file your Business Property Statement, please call (925) 313-7600 for more information. The Authority is a proprietary entity and uses enterprise fund accounting to report its activities for financial statement purposes. Sale of fixed asset. 48,992.