(Answered) A company purchased a delivery van on october 1 of the

Accounting

A company purchased a delivery van on october 1 of the current year at a cost of 40,000. the van is expected to last 6 years and has a salvage value of 2,000. the companys annual accounting period ends on december 31. you must show how you calculated the 2 amounts for credit.

1. What is the depreciation expense for the current year, assuming the straight line method is used?

2. What is the book value of the van at the end of the 1st year?

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