Purchased a van on 1st June 2021 by bank loan to be paid over next 5 years(cost of van $46997). On 30th June repayment of $1000 was made which included $250 interest. Additional information for the year ending 30 June 2021-Anual depreciation on the van is $7978. The van is the only vehicle in the business. It has been Purchased due to the increased work resulting from the current property boom. Its primary use will be to transport small furnishings to and from properties being styled by J&J. Depreciation needs to be charged on 30 June 2021. Determine the depreciation charge for the Van. This will require you to choose the appropriate depreciation method and rate (including useful life and residual value)

what will be the journal entry for depreciation on 30th June?