The net book value of motor vehicles of a company is shown.
During the year, an old vehicle was traded in as part exchange for a new vehicle. The part exchange value of the old vehicle was $8000. The remaining purchase price of the new vehicle, $30 000, was paid by cheque.
What was the depreciation charge for the year?
1 )
$29 000
2 )
$37 000
$45 000
4 )
$53 000
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