A company’s motor vehicles had a net book value of $312000 at the start of the year and $305000 at the year end. Over the year, an old vehicle was exchanged in part payment for a new vehicle. The part exchange value for the old vehicle was $8000. The balance of the purchase price of the new vehicle, $30000, was settled by cheque. What was the depreciation charge for the year?
- A$29000
- B$37000
- C$45000
- D$53000