As at 30 June 2019 Grove Ltd had the following balances for non-current assets:

Vehicle (at cost) $90,000

Accumulated depreciation vehicle (28,000)

The vehicle was purchased on 1 March 2017 at a cost of $90,000 with a useful life of 7 years and a residual value of $6,000.

The following transaction occurred in the financial year ending 30 June 2020:

On 31 August 2019 the vehicle was sold, receiving $50,000 in cash.

Grove Ltd uses the straight-line method to depreciate all non-current assets and rounds all calculations to the nearest dollar.

Required:

Record the necessary journal entries for the sale of the vehicle on 31 August 2019.