Asset class &1 cannot be used in company code &2

What causes this issue?

When you create an asset, the system determines the chart of
depreciation from the company code definition. In order for a chart of
depreciation to be available for an asset class during asset
maintenance, the chart of depreciation has to be entered for that asset
class <LS>(Determine class valuation)</>. Chart of depreciation &V3&
that was determined is not entered for asset class &V1&.

System Response

You cannot create any assets in your company code for this class.

How to fix this error?

You can do one of the following:
Use another asset class, for which chart of depreciation &V3& is
defined.
Maintain the asset class valuations for asset class &v1& in chart of
depreciation &V3&. Chart of depreciation &V3& has to be specified in
order for you to be able to maintain the valuation parameters of asset
class &v1& for chart of depreciation &V3&.

Error message extract from SAP system. Copyright SAP SE.