Alberto bought a wood oven for his pizza restaurant for $30,000 on January 1, 20X0. At that time he believed that the useful life of the oven would be 20 years after which it would be worthless. On January 1, 20X3, Alberto reviews his estimates: he now believes that he will use the oven in business for another 12 years,

Sep 8, 2023

Alberto bought a wood oven for his pizza restaurant for $30,000 on January 1, 20X0. At that time he believed that the useful life of the oven would be 20 years after which it would be worthless. On January 1, 20X3, Alberto reviews his estimates: he now believes that he will use the oven in business for another 12 years, after which he will be able to sell it second-hand for $1,500.  

What is the depreciation charge for the year ended 31 December 20X3?

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Alberto bought a wood oven for his pizza restaurant for $30,000 on January 1, 20X0. At that time he believed that the useful life of the oven would be 20 years after which it would be worthless. On January 1, 20X3, Alberto reviews his estimates: he now believes that he will use the oven in business for another 12 years,
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