You purchased a delivery truck (for your business) on August 27, 2019. The sticker price was $40,000. You bought it by paying $2000, down and financing $34,000. You think it will have a residual value of $6,000 at the end of its 5 year useful life. You decide to use the Double Declining Balance method to depreciate the truck due to its rapid depreciation Make the journal entry to record depreciation on December 31, 2019. Dr. Cr. Make the journal entry to record depreciation on December 31, 2020. Dr. Cr. On January 7, 2021, you sell the delivery truck for $19,500. What is the book value of the truck on the sale date? How much is the gain (or loss) from the sale of the truck? Make the journal entry to record the sale of the truck. Dr. Cr. Land is depreciated over how many years? We don't depreciate intangible assets we them. How long is the life of a patent? How long is the life of a copyright? How long is the life of goodwill? What is impairment?