QUESTION 12 Sam owns a courier business and on 1 November 2020 purchased a new machine for $34,000 which has an effective life of 15 years. To help fund the purchase of the new machinery Sam traded his old one for $7,000. The old machine had cost Sam $28,000 originally and had an adjustable value at the time of trade-in of $5,300. Assuming Sam is not using the Small Business Entity (SBE) depreciation method of depreciation, what would be the balancing adjustment on disposal of the old machine? A. $5,300 assessable B. $1,700 deductible C. $7,000 assessable D. $1,700 assessable E. $2,100 deductible