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On January 1, Magnolia Good Eatery purchased a new oven at a cost of $30,000....

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Accounting

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On January 1, Magnolia Good Eatery purchased a new oven at a cost of $30,000. The restaurant estimates that the oven will last about 4 years and have a residual value of $3,000. Magnolia Good Eatery uses the straight-line depreciation method. What is Magnolia Good Eatery's annual depreciation expense? Assume that the annual depreciation expense is $5.000. What is the oven's book value at the end of year 2

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