Acme Corp purchased a new machine that is expected to be used in manufacturing for 10 years for $40,000. The salvage value of the machine after 10 years is $4000. Assume the machine was purchased on the first day of the fiscal year so no partial year depreciation is needed. Using the Double Declining Balance Depreciation Method, what is the Book Value at the end of year 3?

Adapted from table on page 82 Chapter 10