New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $640,000. The ovens originally cost $844,000, had an estimated service life of 10 years, had an estimated residual value of $54,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Required: 1. Calculate the balance in the accumulated depreciation account at the end df the second year. Accumulated depreciation

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest
Bakery for $640,000. The ovens originally cost $844,000, had an estimated service life of 10 years, had an estimated
residual value of $54,000, and were depreciated using straight-line depreciation. Complete the requirements below
for New Morning Bakery.
Required:
1. Calculate the balance in the accumulated depreciation account at the end df the second year.
Accumulated depreciation
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Transcribed Image Text:New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $640,000. The ovens originally cost $844,000, had an estimated service life of 10 years, had an estimated residual value of $54,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Required: 1. Calculate the balance in the accumulated depreciation account at the end df the second year. Accumulated depreciation < Prev 57 58 59 60 of 60 Next > 吕口。 F3 888 F4 4) F5 F6 FII @ %23 $ % & * 4 5 7 8 9 { E R Y U S D F J K C V B M alt nd command optic V 工
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