The equipment sold is used. An asset is fixed because it is an item that a business will not consume, sell or convert to cash within an accounting calendar year.The selling price is direct from your settlement sheet. The underlying assets sold may have a current value of zero if fully depreciated. 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? Here's the journal entry to record the sale of the asset.