The value of property, plant, and equipment (PPE) of Prime PLC was reported as $55,000 at year end. The amount included a carrying amount for expensed tools and an annual deferred tax asset of $6,300. The expensed tools were acquired for $8,000 during the year, and had been depreciated at 25% using the reducing balance method with no scrap value. SELECT ONLY ONE $37,700 What amount should be reported for PPE in the statement of financial position? $40,700 $42,700 $49,000