Quik Movers Pte Ltd acquired a delivery truck on $1$ April $2020.$ The following information relates to the truck:

$

List price of truck $($including registration tax$)$

$48,000$

Discount given

$2,500$

Insurance

$800$

Road Tax

$1,000$

Certificate of entitlement to own a vehicle

$35,000$

Painting of company logo on truck

$500$

Estimated petrol usage per month

$1,000$

Driver's salary per month

$2,800$

Maintenance and servicing per month

$350$

Installation of a hyd

The estimated useful life of the truck is $5$ years. The company which sold the truck had agreed to take back the truck for $$13,000$ at the end of the useful life. On $1$ January $2023,$ the company spent $$5,500$ to completely overhaul the engine. As a result, the useful life of the truck was extended by $2$ years but the resale value at the end of the useful life is expected to be $$10,000.$ The company planned to change the method of depreciation to the double$-$declining method with effect from $1$ January $2023.$raulic lift to facilitate loading$/$unloading

$2,000$