Hoodies as personal assets can be disposed of in these three ways: trade-in as scrap, de-recognition, outright sale.
The transaction records for each disposal method include removing the cost of the asset from the fixed assets register and its accumulated depreciation, recording the disposal receipts, and computing the profit or loss from the disposal if any.
Thus, for the disposal of hoodies (personal assets), the transaction records remove the cost and accumulated depreciation from the accounts, record the disposal receipts, and compute the profit or loss.
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