The following items were extracted from the Trial balance as at 1 January 20X8: Motor vehicles Less: Accumulated Depreciation $ 50,000 8,000 It is the company's policy to depreciate motor vehicles at 20% by the Reducing Balance method. Calculate the net book value of the motor vehicles as at 31 December 20X8. 1) $8,400 2) $33,600 3) $40,000 4) $46,400