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What is the carrying value of the machine

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Question - On 1 January 2018, Soundwave Limited purchased equipment for $5,000. The physical life of the equipment is 11 years. However, the company has the policy to replace equipment every 5 years, after which the equipment is estimated to be sold for $1,000. The company uses diminishing value depreciation method, and the depreciation rate 0.5 per year. What is the carrying value of the machine as at 31 Dec 2019? Assume that the firm's financial year is the same as the calendar year.

Reference no: EM132526940

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