Required information

Skip to question

$[$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 $$275,400.$ The ovens originally cost $$367,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$22,000,$ 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.