Tom owns a restaurant and purchased a commercial refrigerating system for her business. The system was installed on 1 May 2017 at a cost of $28000...

Tom owns a restaurant and purchased a commercial refrigerating system for her business. The system was installed on 1 May 2017 at a cost of $28000 and has an effective life of 12 years. Calculate the decline in value for both the year ended 30 June 2017 and 30 June 2018 using the diminishing value method.