! Required information [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $570,000. The ovens originally cost $767,000, had an estimated service life of 10 years, had an estimated residual value of $47,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 4. Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[The following information applies to the questions displayed below.]
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest
Bakery for $570,000. The ovens originally cost $767,000, had an estimated service life of 10 years, had an estimated
residual value of $47,000, and were depreciated using straight-line depreciation. Complete the requirements below for
New Morning Bakery.
4. Determine the financial statement effects of the sale of the ovens at the end of the second year.
Note: Amounts to be deducted should be indicated by a minus sign.
Assets
Balance Sheet
Liabilities
Stockholders' Equity
Common
Stock
Retained
Earnings
Revenues
Income Statement
Expenses
Net Income
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $570,000. The ovens originally cost $767,000, had an estimated service life of 10 years, had an estimated residual value of $47,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 4. Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income
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