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What is the initial entry into the company books

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Question - A company purchased a vehicle. The vehicle cost $36,000 and has a salvage value of $1,000. The vehicle is expected to last five years. The company uses straight-line depreciation. What is the initial entry into the company's books when the vehicle was purchased?

Debit Vehicle Expense for $36,000, Credit Accumulated Depreciation for $36,000

Debit Vehicles for $35,000, Debit Salvage Value for $1,000, Credit Accumulated Depreciation for $36,000

Debit Vehicles for $36,000, Credit Cash for $36,000

Debit Accumulated Depreciation for $36,000, Credit Cash for $36,000

Debit Cash for $35,000, Debit Accumulated Depreciation for $1,000, Credit Vehicles for $36,000

Reference no: EM132164802

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