The auditors of Atherton Ltd detected a number of issues in their review of the draft financial statements for the year ended 30 June 2035. One issue involved an item of equipment purchased for $500,000 on 1 January 2034 that was posted to Repairs and Maintenance - Equipment. The equipment has a useful life of ten years, no residual value and should be depreciated using the straight-line method.

Assume this is a material error. Calculate the amount to be posted to the Accumulated Depreciation - Equipment on 30 June 2035 to correct this error.