New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $283,600. The ovens originally cost $378,000, had an estimated service life of 10 years, had an estimated residual value of $23,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli.   3. What is the gain or loss on the sale of the ovens at the end of the third year? Gain/Loss On sale

The Seliger Company has a building that it originally bought for $100,000. As of December 31, 2012, there is $10,000 of Accumulated Depreciation on the building (it was being straight-line depreciated over 10 years with no salvage value). On January 1, 2013, Seliger decides to change the remaining useful life to 5 years (starting now) with a $50,000 salvage value. What will be the depreciation on the building in 2013? $20,000 $10,000 $8,000 $12,500 $13,000 O O O O O

Please solve this problem

New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery.   Problem 7-8A 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 Journal Entry Required" in the first account field.)

East Mill Pizzeria is closing its business. It sold its two-year- old pizza ovens to Marco's Italian Restaurant for $600,000. Originally, East Mill acquired the pizza ovens at a cost of $800,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $50,000, and were depreciated using straight-line depreciation. Complete the requirements below for East Mill Pizzeria. Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year. Accumulated depreciation

Hampton Inc. purchased a machine to use in its business. The machine is estimated to have an economic life of 10 (ten) years before it becomes obsolete. The company expects to use the machine for 4 (four) years before it sells the machine to another company. Hampton uses the straight-line depreciation method. Question: How many years should Hampton depreciate this asset over? (4,7,10, or 14)

Smith Company is an IFRS reporter. After 3 full years of use, the Smith Company revalues equipment with a carrying value of $970,000 to its fair value of $1,190,000 using the accumulated depreciation elimination method. The original cost of the equipment is $1,390,000 and the equipment has a useful life of 10 years with no scrap value. Smith depreciates under the straight-line method. What is the new carrying value of the asset? Group of answer choices $970,000 $1,390,000 $1,110,000 $1,190,000

Sage Ltd. owned several manufacturing facilities. On September 15 of the current year, Sage decided to sell one of its manufacturing buildings. The building had cost $6,325,000 when originally purchased 5 years ago, and had been depreciated using the straight-line method with no residual value. Sage estimated that the building had a 25-year life when purchased.     Prepare the journal entry to record the sale of the building on Sage's books, assuming 5 years of depreciation has already been recorded in the accounts to the date of disposal. The building was sold for $5,250,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 15                                 List of Accounts…

On June 1, 2015, Skylark Enterprises (not a corporation) acquired a retailstore building for $500,000 (with $100,000 being allocated to the land). Thestore building was 39-year real property, and the straight-line cost recovery methodwas used. The property was sold on June 21, 2019, for $385,000.a. Compute the cost recovery and adjusted basis for the building using Exhibit 8.8from Chapter 8.b. What are the amount and nature of Skylark’s gain or loss from disposition ofthe property? What amount, if any, of the gain is unrecaptured § 1250 gain?

New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $328,700. The ovens originally cost $438,500, had an estimated service life of 10 years, had an estimated residual value of $28,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. Problem 7-8B Part 4 4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transactic 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