Matthew purchased equipment at the beginning of July 2016 for $24,000. Matthew decided to depreciate the equipment over a four year period using the straight-line method. Matthew estimated the equipment's residual value at $1,000. The estimated fair market value at the end of at June 2017 was $23,000. Which of the following statements is correct concerning Matt's financial statements at 30 June 2017?

		The carrying amount of the equipment is $18,000.
		The carrying amount of the equipment is $18,250.
		The total accumulated depreciation is $4,000.
		The equipment will be reported on the statement of financial position at its fair market value of $23,000.