On January 1, 2017, Fritz Company purchased a truck that cost $38,000. The truck had an expected useful life of 100,000 miles over 8 years and an $8,000 salvage value. During 2018, Fritz drove the truck 18,500 miles.

• The book value of the truck at the end of 2017, assuming that Fritz uses the double declining balance method, is:
  • 22500
  • 30500
  • 20500
  • 28500