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What is the accounting treatment for an asset that is fully depreciated but continues to be...

What is the accounting treatment for an asset that is fully depreciated but continues to be used in a business?

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Answer #1
When asset is fully depreciatied than no depreciation expenses is recorded as there is no cost left to be depreciated.
So no depreciation expense is recorded in Income statememt.
In Balance sheet the asset will be shown at its historical cost with its accumulated depreciation. The accumulated
depreciation is equal to the historical cost of the asset as the asset has been fully depreciated.
No entry is required till the time asset is retired or disposed off
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