Depreciation area &1 does not exist

What causes this issue?

While creating or changing an asset using function module
ASSET_MASTERRECORD_MAINTENANCE, you tried to assign values to fields of
depreciation area &v1&. However, depreciation area &v1& does not exist
on the asset.

System Response

The asset master record cannot be processed.

How to fix this error?

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.