Adam’s financial year ends on 31 December.
At the beginning of the year, on 1 January, the carrying value of machinery was ＄20 000.
During the year, on 30 June, he purchased a new machine for ＄6000. He paid 50% of the cost in cash and the balance by part exchange of an old machine which had the carrying value of ＄2500 on that date.
He depreciates his machinery by 20% per annum on the carrying value calculated on a time basis.
What is the carrying value of the machinery shown in the statement of financial position at the end of the year on 31 December?
1 )
＄18 000
2 )
＄18 800
＄19 150
4 )
＄20 800
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