Price Aladdin bought a machine for use in his business on 1 November 2004. He gave the supplier a cheque for $11,570 and traded in an old machine. The supplier allowed him $4,430 in part exchange for the old machine. Price Aladdin depreciates machinery on the reducing balance basis at a rate of 20% per annum. The old machine had cost $12,000 and had been depreciated by $5,856. What is the book value on the new machine for the year to 31 October 2007