A journal entry in Phoenix will usually be an entry which is not a usual income or expense transaction appearing in a bank account. The selling price is direct from your settlement sheet.The underlying assets sold may have a current value of zero if fully depreciated. The equipment sold is used. Here's a step-by-step guide with examples! 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. Fixed Assets: How to record the disposal of assets? Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.