What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Fixed Assets: How to record the disposal of assets?The equipment sold is used. Journalize entries for sale of assets. Start out with crediting the original purchase price. Credit improvements if you capitalized these. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. Collaborate with cross-functional teams including revenue, tax, finance, and cost accounting for journal entry posting and account analysis.