Three Years Ago,Michelle Bought a Custom-Made Bookcase to Fit in the Corner

Multiple Choice

Three years ago,Michelle bought a custom-made bookcase to fit in the corner of her apartment.She paid $1,000 for it.To replace it today would cost $1,500;however,if she had to sell it,she believes she could get only $700.The appropriate balance sheet amount for the bookcase is

A) $1,000.
B) $1,500.
C) $ 700.
D) $1,200.