Required information [The following information applies to the questions displayed below) East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $550,000 Originally, East Mill acquired the pizza ovens at a cost of $745,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $45,000, and were clepreciated using straight-line depreciation Complete the requirements below for East Mill Pizzeria Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year, dation Required information [The following information applies to the questions displayed below) East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $550.000 Originally, East Mill acquired the pizza ovens at a cost of $745,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $45,000, and were depreciated using straight line depreciation Complete the requirements below for East Mill Pizzeria 2. Calculate the book value of the ovens at the end of the second year Book ration Required information [The following information applies to the questions displayed below) East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $550,000. Originally, East Mill acquired the pizza ovens at a cost of $745,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $45,000, and were depreciated using straight-line depreciation Complete the requirements below for East Mill Pizzeria 3. What is the gain or loss on the sale of the ovens at the end of the second year? Journal entry worksheet Record the sale of ovens, Note: Enter debits before credits General Journal Debit Credit Transaction 1