Sale of fixed asset by trade in with a supplier
I have a camera lens, one of my fixed assets, that I have disposed of but as it is less than a year old have not applied any depreciation.
I sold the old lens by trading it in but in doing this got more than I paid for it . The Seller has issued me with a receipt showing the new lens and the old as traded Part ex.
How does Wave handle a fixed asset process in this example
Old lens purchase receipt 1500
Old lens trade in 2000, gain 500
New lens purchase price 4500
Total of new receipt 2500