On 15 July 2017, Wizard recently bought a new display cabinet to replace an existing
one which was bought 3 years ago at $15,000. It paid $20,000 for the new cabinet after trading in the old one. The trade-in resulted in a loss of $4,750. Both cabinets have an estimated useful life of 8 years and residual value of $1,000. Wizard uses straight-line method to depreciate its assets. Calculate the cost of the new display cabinet. Show your workings clearly.