You will need to allocate the amount reflected on form 8594 among all the assets. A typical method is to allocate the proceeds based on the original cost.When selling or otherwise disposing of a plant asset, a firm must record the depreciation up to the date of sale or disposal. 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. Each transaction should be evaluated. The Clerk's Accounting Department performs general accounting functions, produces and maintains financial records, remits funds and pays invoices. In this article, we discuss what asset sales are, how they work and how to calculate a loss or gain because of an asset sale. A business usually has many assets.