2. Emily Delivery Services has a December 31, 2022 year end. On January 1, 2022, Emily has a delivery van with a cost of $35,000 and accumulated amortization of $12,000. The van was expected to have a residual value of $5,000 and a useful life of 5 years. Emily uses straight line amortization, Emily plans to replace its delivery van on April 1, 2022, and is considering two alternatives. 1. Emily has been offered $14,000 for the old van. If Emily accepts this offer, Emily would then purchase a replacement for $50,000 cash. (These are TWO different transactions) 2. Trade the old van for a new one. The dealer will allow a $16.000 trade in allowance on the old van, and Emily will have to pay additional cash of $34,000. SHOW YOUR WORK BELOW EACH JOURNAL ENTRY! (a) Record the updated amortization on the old van to April 1, 2022. (1 mark) (b) Record the disposal of the old van and purchase of the new van under each of the two alternatives. (4 marks) Option 1