My company have leased a portacabin for several years. We have recently decided that we could not warrant paying for the cabin any longer based on its current level of use and cancelled the lease asking the supplier to collect. After discussion with the supplier it was decided for one reason or another that we would keep the cabin as an asset for a last one off, small fee.
How do I now account for this cabin in the fixed asset register? What would be the journal entries required and what value would I use for the asset?