! Required information [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 $295,900. The ovens originally cost $394,500, had an estimated service life of 10 years, had an estimated residual value of $24,500, 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. Accumulated depreciation

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[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 $295,900. The ovens
originally cost $394,500, had an estimated service life of 10 years, had an estimated residual value of $24,500, 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.
Accumulated depreciation
Transcribed Image Text:Required information [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 $295,900. The ovens originally cost $394,500, had an estimated service life of 10 years, had an estimated residual value of $24,500, 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. Accumulated depreciation
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