On december 29, 2015, patel products, inc., sells a delivery van that cost $20,000. after recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. patel received $2,000 cash from the purchaser of the delivery van. complete the necessary journal entry to record the sale by selecting the account names and dollar amounts from the drop-down menus.

here is no gain or loss recorded because Carrying value = $2000 and cash received is also $2000

Explanation:

given data

sells delivery van cost $20,000

accumulated depreciation = $18,000

Patel received = $2,000

solution

as we know that

van cost = cr 20000

and accumulated depreciation Dr $18,000

Patel received Dr $2,000

so we can say that Carrying value will be

Carrying value = 20000 - 18000

Carrying value = $2000

and cash received is also $2000

so here is no gain or loss recorded

answer; commerce clearing house;