New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, 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 Cash Accumulated Depreciation Balance Sheet 510,000 132,000 Liabilities. 50,800 Stockholders' Equity Common Retained Stock Earnings Loss Revenues Income Statement Expenses 59,000 Depreciation Expense 140,200 Net Income (191,000)

New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, 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 Cash Accumulated Depreciation Balance Sheet 510,000 132,000 Liabilities. 50,800 Stockholders' Equity Common Retained Stock Earnings Loss Revenues Income Statement Expenses 59,000 Depreciation Expense 140,200 Net Income (191,000)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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