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23) Klass Joinery Limited has recently purchased a new machine at a cost of $70,000 and a further $7,000 was spent on installation costs. The

23) Klass Joinery Limited has recently purchased a new machine at a cost of $70,000 and a further $7,000 was spent on installation costs. The machine's depreciation rate for tax purposes is 11.6% percent using the diminishing value method. Calculate the book value of the machine at the end of the first year. (Please enter your answer to the nearest dollar and exclude using "$" or "," symbols etc.)

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