Hi,

Can you help me to solve this problem ? Thank you so much.

Mai Linh Led owns 2 delivery vehicles (each with a residual value of 2000 and useful life of 5 years) and uses the straight-line method of depreciation. The business closes its accounting records annually on 30 June. The events and transactions recorded below occurred during the first 3 years. Ignore GST. 2013-2014 July 1 - 2013 Purchased a delivery truck from Truong Hai Motors for $50 000 cash plus stamp duty of $400, and registration and third-party insurance of $700. August 1 - 2013 Made minor repairs to the truck for cash at a cost of $390. June 30 - 2014 Recorded annual depreciation 2014-2015 July 1 - 2014 Purchased a delivery van from Toyota Motors for cash $20 000. June 30 - 2015 Recorded depreciation of both truck and van 2015-2016 July 1- 2015 Sold the truck for 15 000 cash September1- 2015 Fitted 4 new tyres to the van at a cash cost of $945 June 30 - 2016 Recorded depreciation on van. in each year. Required: Prepare entries to record the transactions of Mai Linh Ltd as they relate to both vehicles . Show the information of the truck and van presented on Balance sheet at the end of each year