I have a vehicle I purchased in 2016, and everything was set up correctly in QB (depreciation, etc). Right now, on balance sheet reports it shows that it isn't worth anything as an asset, but I could trade it in or sell it for approximately 20,000. Is there a way to reflect that on my balance sheet?
Under US accounting standards (GAAP), under no circumstances, can you write up the value of fixed assets. The vehicle should remain fully depreciated on your balance sheet.
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