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 $259,000. The ovens originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli.
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 $259,000. The ovens originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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 $259,000. The ovens
originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were
depreciated using straight-line depreciation. Complete the requirements below for New Deli.
4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2e363c5-2472-4cf7-839e-3830821f17e5%2Ffde258c4-bbf7-4e9b-ab16-0bdfdd0a3571%2Flq4w6ms_processed.png&w=3840&q=75)
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 $259,000. The ovens
originally cost $345,000, had an estimated service life of 10 years, had an estimated residual value of $20,000, and were
depreciated using straight-line depreciation. Complete the requirements below for New Deli.
4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, 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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