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Financial Accounting Test Review Chapters 8 & 9 Short Answer Practice I. 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 six years and has a salvage value of $2,200. The company's annual accounting period ends on December 31. 1. Make the journal entry below to record depreciation for the first year, assuming the straight-line method is used. 2. What is the book value of the van at the end of the first year? 3. What is the book value of the van at the end of the second year? IL On December 1, 2018 Luke Company borrows $120,000 cash and signs a 90 day, 6% note. 1. Prepare Luke's general journal entry to record the note on December 1st. 2. Prepare Luke's general journal entry to record the accrued interest at year-end 3. Prepare Luke's general journal entry to record the payment of the note on the due date. Date Account