Smith Steakhouse is a restaurant catering to variety ofcustomers. They purchased

Smith Steakhouse is a restaurant catering to variety ofcustomers. They purchased a new high power over at the cost of$100000 on January 1 2006. The over has expected useful life offour uses and estimated salvage of $10000. Smith Steakhouse usesstraight-line depreciation for all of its depreciable assets. OnMay 1 2008 the owner of the restaurant was persuaded to purchase anew oven that operated more efficiently. The old oven was sold atthe time for $15000.