Tasty Catering purchased a van on January 1,2015,for $48,000.The company decided to depreciate the van over a five-year period using the straight-line method.The company estimated its residual value at $3,000.Show how the costs should be presented on Tasty's balance sheet and income statement for the full year ended June 30,2017.Label the statements properly.

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The Answer of Tasty Catering purchased a van on January 1,2015,for $48,000.The company decided to depreciate the van over a five-year period using the straight-line method.The company estimated its residual value at $3,000.Show how the costs should be presented on Tasty's balance sheet and income statement for the full year ended June 30,2017.Label the statements properly.

Tasty Catering Purchased a Van on January 1,2015,for $48,000