Sim depreciates his machinery at a rate of 20% per annum on a reducing balance basis. He provides a full years depreciation in the year an asset is acquired, and no provision is made in the year of disposal. At 1 November 2021, the cost of Sims machinery was RM140,900, and the net book value was RM94,570. During the year to 31 October 2022, a machine which had cost RM35,000 and had been depreciated for four years was traded in for a new machine. The new machine cost RM50,000, and the trade in value was RM14,000. At 31 October 2022 the balance of the cost of the new machine was still outstanding