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To: Reginald Middleton who wrote (8595)10/7/1998 12:00:00 PM
From: trust fund pirate  Read Replies (1) | Respond to of 19080
 
Please clarify. If the assets are carried on the books at roughly market value, the journal entry is between balance sheet accounts. In simplistic form:

dr Cash
cr Asset Sold

There is no credit to the p&l. Only if the asset book value is below market value would accounting income accrue upon sale.