on Joseph bought a machine for use in his business on 1 November 2004. He gave the supplier 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. What is the book value on the new machine for the year to 31 October 2007? The financial year ends on October 31 Exclude $, and space from your answer example $4,505 should be inputted as 4505 Answer: