Hightop's Balance Sheet of 30 June 2018 Shows a Motor

Multiple Choice

Hightop's balance sheet of 30 June 2018 shows a motor vehicle at a cost price of $46 000 less accumulated depreciation of $17 500. Depreciation is calculated on a straight-line basis. If the vehicle had a useful life of 6 years at the time of purchase and a residual value of $4 000, its carrying amount on 1 July 2020 is:

A) $7 666
B) $13 160
C) $14 500
D) $17 500