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The Cardiel car company purchased a passenger van to use to transport customers when they leave their cars for repairs. If the van is expected to last 7 years and costs $56,000, What effect would that have on income on the accrual basis each year? A. The van’s cost would need to be amortized/depreciated to recognize an expense of $8,000 ($56,000 / 7) in each year. B. No effect. C. The van’s cost would need to be amortized/depreciated to recognize an expense equal to $10,000 each year. D. Both the van and depreciation would be reduced by $8,000 each year.
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