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Sam's Subs purchased a delivery van on January 1, 2013, for $35,000. In addition, Sam's paid sales tax and title fee's of $1,500 for the van. The van is expected to have a four year life and a salvage value of $6,500.
A. Using the straight-line method, compute the depreciation expense for 2013 and 2014.
B. Prepare the general journal entry to record the 2013 depreciation.
C. Assume the van was sold on January 1, 2016 for $21,000. Prepare the journal entry for the sale of the van in 2016.
A sales invoice totaling $3,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23, what would be the entry to record this transaction?
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