Ch 7 Q 5,6,7

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 $304,100. The ovens originally cost $405,500, had an estimated service life of 10 years, had an estimated residual value of $25,500, 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. 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 $304,100. The ovens originally cost $405,500, had an estimated service life of 10 years, had an estimated residual value of $25,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. 2. Calculate the book value of the ovens at the end of the third year. 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 $304,100. The ovens originally cost $405,500, had an estimated service life of 10 years, had an estimated residual value of $25,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. 3. What is the gain or loss on the sale of the ovens at the end of the third year