Final answer:
The net book value in Year 1 calculated using reducing-balance depreciation is the historical cost of the asset minus the accumulated depreciation up to that year.
Step-by-step explanation:
The process known as reducing-balance depreciation is a method of computing the depreciation of fixed assets in which the asset's book value is reduced by a fixed percentage each year. When answering the question of what is the net book value in Year 1 calculated using reducing-balance depreciation, the correct option is C) Historical cost minus accumulated depreciation. This reflects the original cost of the asset, subtracting any depreciation that has accumulated over time.