On 1 January 2018, a new motor vehicle with a useful life of four years and an estimated trade-in value of $12000 was purchased by a business for $54 000. The straight-line method is employed and the financial year ends on 31 December. What was the book (carrying) value at 31 December 2020

Select one:

a.

$42,000

b.

$22,500

c.

$31,500

d.

None of the above