Answer Happy

Required information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $283,600. The ovens originally cost $378,000, had an estimated service life of 10 years, had an estimated residual value of $23,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Required: 1. Calculate the balance in the accumulated depreciation account at the end of the third year. Accumulated depreciation
2. Calculate the book value of the ovens at the end of the third year. Book value
3. What is the gain or loss on the sale of the ovens at the end of the third year?
4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < > Record the disposal of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal