Calculate the accumulated depreciation balance

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Reference no: EM133265553

Fine Frames Pty Ltd purchased a new manufacturing equipment for $75,000 on 1 July 2020. The equipment estimated useful life is 8 years and an estimated residual value of $10,000. Calculate the accumulated depreciation balance and net book value of the equipment at the end of the second year (30 June 2022) using the reducing balance method (25% depreciation rate) to depreciate the equipment (show your calculations and round figures to the nearest dollar).

Reference no: EM133265553

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