The Rupert Company purchased a delivery van on January 1,2016 for $45,000.Rupert uses straight-line depreciation for the asset,which has a five year estimated useful life and a salvage value estimated at $9,000.The asset was sold on January 1,2018 for $33,300 cash.Indicate whether each of the following items related to Rupert Company is true or false.
_____ a)Annual depreciation for Rupert's equipment was $9,000.
_____ b)Accumulated depreciation on January 1,2018 was $14,400.
_____ c)Book value on January 1,2018 was $30,600.
_____ d)On the date of the sale,Rupert will record a loss of $2,400.
_____ e)A gain or loss on the sale of a plant asset is reported on the balance sheet.

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The Answer of The Rupert Company purchased a delivery van on January 1,2016 for $45,000.Rupert uses straight-line depreciation for the asset,which has a five year estimated useful life and a salvage value estimated at $9,000.The asset was sold on January 1,2018 for $33,300 cash.Indicate whether each of the following items related to Rupert Company is true or false.
_____ a)Annual depreciation for Rupert's equipment was $9,000.
_____ b)Accumulated depreciation on January 1,2018 was $14,400.
_____ c)Book value on January 1,2018 was $30,600.
_____ d)On the date of the sale,Rupert will record a loss of $2,400.
_____ e)A gain or loss on the sale of a plant asset is reported on the balance sheet.

The Rupert Company Purchased a Delivery Van on January 1,2016