a company purchased a delivery van on october 1 of the current year at a cost of 40,000. the van is expected to last 6 years and has a salvage value of 2,000. the companys annual accounting period ends on december 31. you must show how you calculated the 2 amounts for credit.

1. what is the depreciation expense for the current year, assuming the straight line method is used ?

2. what is the book value of the van at the end of the 1st year?