Your company is considering the replacement of an old delivery van with a new one that is more efficient. The old van cost $40,000 when it was purchased 5 years ago. The old van is being depreciated using the simplified straight-line method over a useful life of 8 years. The old van could be sold today for $7,000. What is the book value of the van today?

Group of answer choices

$8,000

none of these.

$15,000

$25,000

$7,000