A company starts in business on 1 January 2017. You are required to write up the motor van account and the accumulated depreciation account for the year ended 31 December 2017 from the information given below. Depreciation is at the rate of 20 per cent per annum, using the basis that one complete months ownership needs one months depreciation. In 2017, van (A) was bought on 1 January at a cost of $12,000. In 2018, van (B) was bought on 31 July at 35,000. In 2019 January 1, van (C) was purchased at a cost of $24,000 but unfortunately after using six months, it was scrapped in a collusion. Van B was sold at 2020, June 30 at a cost of $1,000.