Hello,
I have a computer desktop and two monitors which were gifted to me by my friend, so I can use them in my business (at home remote administrative work). The items are valued at:
- Desktop $600
- Monitor #1: $150
- Monitor #2: $150
I am unsure if I even need to depreciate this because they were given to me as a gift and I am unsure if I would still categorize this as a fixed asset since I did not pay money for it. So my questions are:
- What account do I categorize this to? They were brand new when gifted to me
- Do I need to depreciate this asset if I did not pay money for it?
- Do I need to record the value s $0, or as the original cost for each item?
