10. XYZ Pty Ltd purchased new equipment for $600,000 on 1 July 2015. The equipment was expected to have a useful life of 20 years, with residual value of $10,000, and depreciated using the straight-line depreciation method. XYZ uses the revaluation method for valuing its equipment. The first time that the equipment was revalued was at 30 June 2018, and at this date the fair value was $605,000. On 30 June 2019, the company conducted impairment testing and found that the equipments fair value less cost sell was $545,000, whereas its value in use was $550,000. Assuming that there were no changes to the equipments useful life, residual value or depreciation method as a result of the revaluation or impairment, what depreciation expense would be recorded for the equipment for the financial year ended 30 June 2020?

A. $33,750

B. $39,667

C. $33,437

D. $35,000

E. $29,500