by Diane
(Surrey BC Canada)
Gain (Loss) On Sale of Assets
I am preparing the final corporate tax return after receiving Certificate of Dissolution.
Most of the undepreciated assets on Schedule 8 have been disposed of for no value (given away, donated to Sally Ann, etc.) and therefore have been put under terminal loss column.
In recording the transaction in the general ledger, what account would be used to show this loss?
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