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Fixed Asset Retirement calculating depreciation in Retirement Year

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Posted on by Theresa Gulbranson

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I have a client who is testing a Retirement of a Fixed Asset.

Placed in Service date: 11/1/2004

Depreciated to date: 5/29/2010

LTD Depreciation = Begin Year Cost (Fully depreciated on 5/29/2010) Fully Depreciated = Y

When she retires it in 2011 it is giving her an entry of

Depr Expense (dr) $8.33

Depr Reserve (cr) $8.33

Why does this entry occur?

She is using the Avg Convention of Full Period.

Thanks for any help!

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