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Prepare journal entry to record sale of the printing press

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Reference no: EM132790578

Question - On January 1, 2019 Ariel's Flowers Limited bought a van for making deliveries for publishing its books for $48,000. The van has a residual value of $2,000 and a useful life of 4 years or 160,000 km. In 2019 the van was driven 40,000km while in 2020 it was driven 45,000km.

Required -

1. Calculate the depreciation expense for 2019 & 2020 using:

a. the double declining balance method

b. the straight-line method

c. the units of production method

2. Prepare the journal entry to record the sale of the printing press assuming the company used the straight-line method of depreciation and sold the van for $26,000 on January 1, 2021.

Reference no: EM132790578

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