Hi Guys, thanks for the help on past questions as I continue clean up from the past "accountant" at my company. \n\nThe previous gall included EVERYTHING as assets on the depreciation schedule, including things like a 0 phone headset, or a cell phone for 5. I'm changing their policy going forward that anything under 00.00 is expensed immediately, and anything over gets depreciated on the proper schedule. \n\nFor assets that started under that 00 threshold that they have been depreciating, am I able to go ahead and apply that new policy and depreciate them fully now, or do I need to continue depreciating anything they started to do on the old policy, and only apply the policy change to new purchases?\n\nSecond question around assets: during their partnership buy out last year, a number of assets were included with the purchase price and went with the owner that was bought out. What's the appropriate journal entry to write off those items from their balance sheet? I know I'll use their book value at the date of the purchase agreement. \n\nThank you!!