No Required Information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] Problem 7-8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.) 1 New Morning Bakery is in the process of closing its operations. It sold Its two-year-old bakery ovens to Great Harvest Bakery for $680,000. The ovens originally cost $888,000, had an estimated service life of 10 years, had an estimated residual value of $58,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Transaction 1 Cash Loss Equipment Answer is not complete. General Journal Debit 680,000 42,000 Credit 88,800

No Required Information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] Problem 7-8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.) 1 New Morning Bakery is in the process of closing its operations. It sold Its two-year-old bakery ovens to Great Harvest Bakery for $680,000. The ovens originally cost $888,000, had an estimated service life of 10 years, had an estimated residual value of $58,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Transaction 1 Cash Loss Equipment Answer is not complete. General Journal Debit 680,000 42,000 Credit 88,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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