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What was the carrying amount of the van at the date of sale

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Question - On January 1, 2014, Jumping Rock Brewery purchased a van for $39,000. Jumping Rock expects the van to have a useful life of eight years and a residual value of $4,000. The depreciation method used was straight-line. On December 31, 2017, the van was sold for $22,000 cash.

Required -

1. What was the carrying amount of the van at the date of sale?

2. Record the sale of the van on December 31, 2017.

Reference no: EM132161943

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