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For most companies, buying and selling Equipment is a frequent occurrence. Below are a few scenarios to assist you throughout the process.
Purchasing a new vehicle/equipment with a trade-in while also financing
(This scenario will be finalized as a Journal Entry.)
The value of the trade-in is $5,000, remaining loan balance is $2,500, depreciated amount is $18,000, cost of new vehicle $47,500, and total financed including trade is $45,000.
Note: After you cut an (AP) check to pay off the loan balance, go into Equipment Maintenance so you can mark and date it as sold.
Disposing of an asset that is partially depreciated and has a current loan balance
The original cost of the vehcile was $32,000, current depreciated amount is $18,000, we have a remaining loan balance of $2,500, and the sale price is $5,000.
Note: After you cut an (AP) check to pay off the loan balance, go into Equipement Maintenance so you can mark and date it as sold.