On the first day of the year a business purchases a van at a cost of 12,000 to be used for 4 years. The business uses a straight line depreciation policy. On the very last day of the year, the business sells the van for 8,000. The business charged a full years depreciation in the year of disposal. Record each stage of the transaction to fully show the debit/credit impact on each relevant account: 1. Purchase of the van Cash Income statement 2. Depreciation of the van Non-current asset cost Non-current asset accumulated depreciation Income statement Cash 3. Disposal of the van Non-current asset cost Non-current asset accumulated depreciation Income statement Cash On the first day of the year a business purchases a van at a cost of 12,000 to be used for 4 years. The business uses a straight line depreciation policy. On the very last day of the year, the business sells the van for 8,000. The business charged a full years depreciation in the year of disposal. Record each stage of the transaction to fully show the debit/credit impact on each relevant account: 1. Purchase of the van Cash Income statement 2. Depreciation of the van Non-current asset cost Non-current asset accumulated depreciation Income statement Cash 3. Disposal of the van Non-current asset cost Non-current asset accumulated depreciation Income statement Cash