Equipment that cost $90,000 and on which $50,000 of accumulated depreciation has been recorded was disposed of for $45,000 cash. The entry to record this event would include a gain of $5,000 loss of $5,000 credit to the Equipment account for $15,000 credit to Accumulated Depreciation for $15.000 The book value of an asset is equal to the asset's fair value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset asset's cost less accumulated depreciation