Question 3 (6 marks) Depreciation Baljeet Singh commenced a manufacturing business on 1 April 2018. The following assets were purchased during the year and are used 100% in the business. Asset Date of acquisition Cost ($) Lacing machine 11 April 2018 30,000 Digitalised machinery 7 May 2018 50,000 Sound equipment 1 June 2018 4,750 Two-Way Radio 15 August 2018 3,500 Inland Revenue's depreciation rates are: Item Diminishing Value Straight Line depreciation Rate (%) depreciation rate (%) Lacing machine 15.6 13.5 Digitalised machinery 25 17.5 Sound Equipment 48 36 Two-Way Radio 40 30 Additional information: . The lacing machine was replaced by a newer version on 15th January 2019. The trade in value was $23,000 and the new machine cost $35,000. Required: Calculate the annual depreciation loss for Baljeet Singh, maximising the depreciation he can claim for the year ended 31 March 2019. All costs are GST exclusive. Use the pool method where applicable. (6 marks)