The only vehicle owned by a company is reported at its cost of £60,000 in the Motor vehicle account, while the depreciation on the vehicle written off in each of the three years of use is reported in an Accumulated depreciation account at £36,000. Which of the following statements is incorrect regarding when the whole £36,000 needs to be transferred away from the Accumulated depreciation account?
(a) When the asset is disposed of
(b) Annually when the financial statements are prepared
(c) When the asset is revalued
(d) When the asset is traded in for another