Joseph bought a machine for use in his business on 1 November 2004. He gave the supp a cheque for $11,570 and also trade in an old machine valued at $4 430 to the supplier in part exchange for the new machine to settle payment for the new machine. Joseph depreciates machinery on the reducing balance basis at a rate of 20% per annum. The old machine had cost $12,000. The financial year ends on October 31 What would be the accumulated depreciation on the new machine at the beginning of the fourth year?