Gain or loss on disposal

In accounting, gain or loss on disposal means proceeds from selling or scrapping a long-lived assetFoundationsAssetA present right of the entity to an economic benefit (FASB CON 8 ¶E16) less its net book valueFixed assets & leasesNet book valueCost less accumulated depreciation and impairment — the carrying amount of an asset on that date — presented outside revenueFoundationsRevenueInflows or other enhancements of assets, or settlements of liabilities, from delivering or producing goods, rendering services or carrying out other activities — recognized when control transfers, not when cash arrives, with the asset's cost and accumulated depreciationFixed assets & leasesAccumulated depreciationThe contra-asset holding every dollar of a fixed asset's cost already charged to depreciation — credited each period, presented beneath the asset's cost, and removed with the asset when it is sold or scrapped removed together.