The kitchen in a single-family residence has built-in fixtures that are not acceptable in the current market. The following information is provided.

	Cost of new fixtures, installed	$16,000
	Reproduction cost of existing fixtures (installed during construction)	$15,000
	Accrued depreciation in existing fixtures	$11,000

Calculate the curable functional obsolescence caused by this deficiency requiring substitution or modernization.

Question 16 options:

1)

$1,000

2)

$20,000

3)

$12,000

4)

$4,000