Reposession of an Asset (Timeshare)


C

Carla

Ok, we had on our balance sheet as an asset a timeshare. The purchase
price was $28,000. In June of last year, the account was
"cancelled". Effectively, the timeshare was cancelled and we lost our
investment in it. The creditor, I was told, wrote off the balance,
which was about $9,000.

It was never depreciated because it was dealt with like real property.

I am trying to figure out how to remove this from my books. Do I just
debt Loss on Investment Property or some such account for the $19,000
difference between the book value and the principal balance?

Thanks.
 
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