Furniture. There is no salvage (residual) value; hence, the book value ($1,200) is written off as a loss.
Automobile. The book value ($8,000 - $3,500 = $4,500) is removed from the accounts. The cash recovered ($3,100) is recorded. The book value exceeds the cash; therefore, a loss is recorded for the difference.
Land. The book value ($40,000) is removed from the accounts. The net proceeds ($100,000 - $8,000 = $92,000) is recorded. The commission is a cost of the disposal rather than an operating expense; hence, it is a reduction of the gain or increase in the loss on disposal. (In this case, it is a decrease in gain.) The excess of the net proceeds ($92,000) over the book value ($40,000) is recorded as a gain.