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JOURNAL ENTRY FOR FIXED ASSET RETURNED TO DEALERSHIP WITH A LOAN LIABILITY
Not sure, but I expect the trick is to reverse the transaction/accounting that was created when the asset left the dealership and the loan was created.
JOURNAL ENTRY FOR FIXED ASSET RETURNED TO DEALERSHIP WITH A LOAN LIABILITY
It would be best to check with your tax preparer for this. The JE will be different depending on whether any depreciation had been taken or if there is still a balance due to the dealer after the return.
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