1. On March 1, RCI's hauling van broke down. It was determined that it was too costly to repair so RCI sold it to a salvage yard for $3,000 cash. The van was originally purchased in at the beginning of April 2012 at a cost of $45,000 with an estimated 10- year useful life and a $5,000 salvage value. The van had been depreciated using the double declining balance method. The depreciation for the 2021 fiscal year has not yet been recorded