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On July 1st 2019, one of Tim's Deliveries delivery vans was involved in an accident. The van had been originally purchased for $45,000, The van was being depreciated using the units of production method assuming a $3,000 residual value and total estimated miles of 200,000. Through 2018, the van had been driven 88,000 miles. In 2019, the van had been driven 19,000 miles. The van was a total loss after the accident. The insurance company paid $12,000 to Tim's Deliveries.
Question 1: How is the transaction recorded? Include depreciation entry on 12/31/2019.
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