Required information Problem 7-8B Record the disposal of equipment (LO7-6) [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 $279,500. The ovens originally cost $372,500, had an estimated service life of 10 years, had an estimated residual value of $22,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Problem 7-8B Part 1 Required: 1. Calculate the balance in the accumulated depreciation account at the end of the third year. Required information Problem 7-8B Record the disposal of equipment (LO7-6) [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 $279,500. The ovens originally cost $372,500, had an estimated service life of 10 years, had an estimated residual value of $22,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Problem 7-8B Part 2 2. Calculate the book value of the ovens at the end of the third year. Journal entry worksheet Note: Enter debits before credits. Required information Problem 7-8B Record the disposal of equipment (LO7-6) [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 $279,500. The ovens originally cost $372,500, had an estimated service life of 10 years, had an estimated residual value of $22,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Problem 7-8B Part 3 3. What is the gain or loss on the sale of the ovens at the end of the third year