Selling assets below fair value

Hi,

I just wondered if there are accounting rules regarding selling assets below fair value.

Some of the questions have details of an asset swap where you adjust for the FV of the asset transferred.

But what happens if an entity sells an asset whose FV is 500,000, whose CV is 400,000, to the wife of a director for 300,000?
Obviously a disclosure needs to be made, but what of the accounts? At the moment the accounts are showing a loss on disposal of 100,000 – should an adjustment be made to reflect the transaction at FV – what would the double entry be?

thanks