New Deli is in the process of closing its operations. It sold its three-year-old ovens toSicily Pizza for $328,700. The ovens originally cost $438,500, had an estimated servicelife of 10 years, had an estimated residual value of $28,500, and were depreciated usingstraight-line depreciation. Complete the requirements below for New Deli.Problem 7-8B Part 44. Record the sale of the ovens at the end of the third year. (If no entry is required for a transacticselect "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet1Record the disposal of equipment.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journal

The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $328,700. The ovens originally cost $438,500, had an estimated service life of 10 years, had an estimated residual value of $28,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. blem 7-8B Part 4

New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $328,700. The ovens originally cost $438,500, had an estimated service life of 10 years, had an estimated residual value of $28,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. blem 7-8B Part 4

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter17: Property Transactions: § 1231 And Recapture Provisions

Section: Chapter Questions

Problem 11DQ

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Question

New Deli is in the process of closing its operations. It sold its three-year-old ovens to
Sicily Pizza for $328,700. The ovens originally cost $438,500, had an estimated service
life of 10 years, had an estimated residual value of $28,500, and were depreciated using
straight-line depreciation. Complete the requirements below for New Deli.
Problem 7-8B Part 4
4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transactic
select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
Record the disposal of equipment.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal

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