Answer:
Cost of delivery van = $20,000
Accumulated depreciation of equipment = $16,000
Annual depreciation on this equipment = $2,000
Therefore, the journal entry is as follows:
On December 29, 2020
Depreciation expense A/c Dr. $2,000
   To Accumulated depreciation-Delivery van  $2,000
(To record the depreciation expense of the year)
Answer:
Depreciation refers to the state where the assets of the firm undergo a reduction in the price. The reduction takes place yearly or on the defined time period.
Explanation:
Given information:
Cost of delivery van = $20,000
Accumulated depreciation of equipment = $16,000
Annual depreciation on this equipment = $2,000
Therefore, the journal entry is as follows:
On December 29, 2020
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