Jain Mart Is to Depreciate an Asset Bought for $500,000

Jain Mart is to depreciate an asset bought for $500,000 using the SOYD method over a life of 8 years. If the depreciation charges in year 3 was $80,000, determine the salvage value used in computing the depreciation charges in year 3.

A) $50,000
B) $20,000
C) $100,000
D) $76,000