An asset with an original cost of $77900, a residual value of $7790, and a useful life of 5 years is given away without any consideration at the end of year five. The entry to record this is Dr. Accumulated depreciation, Cr. Gain on disposal, Cr. Long-Term asset. Dr. Long-Term asset, Cr. Accumulated depreciation. Dr. Accumulated depreciation, Dr. Loss on disposal, Cr. Long-Term asset. Dr. Accumulated depreciation, Cr. Long-Term Asset