Leaping Deer Company Purchased a Tractor at a Cost of $240,000

Multiple Choice

Leaping Deer Company purchased a tractor at a cost of $240,000 on January 1, 2015. The tractor has an estimated residual value of $40,000 and an estimated life of 8 years.
If Leaping Deer uses the straight-line method, what is the book value at January 1, 2019?

A) $ 40,000
B) $140,000
C) $160,000
D) Some other answer