Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 May 2018 My Price 5.00

disposal of equipment

Record the disposal of equipment (LO7–6)

P7–8B New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $341,000. The ovens originally cost $455,000 and had an estimated service life of 10 years and an estimated residual value of $30,000. New Deli uses straight-line depreciation for all equipment. Required:

1. Calculate the balance in the Accumulated Depreciation account at the end of the third year.

2. Calculate the book value of the ovens at the end of the third year.

3. What is the gain or loss on the sale of the ovens at the end of the third year?

4. Record the sale of the ovens at the end of the third year.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 May 2018 08:05 PM My Price 5.00

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