1 answer

Required Information Problem 7-8A Record the disposal of equipment (L07-6) The following information applies to the...

Question:

Required Information Problem 7-8A Record the disposal of equipment (L07-6) The following information applies to the questions

Required Information Problem 7-8A Record the disposal of equipment (L07-6) 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 $600,000. The ovens originally cost $800.000, had an estimated service life of 10 years, had an estimated residual value of $50,000, 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 Requlred" In the first account field.) View transaction list Journal entry worksheet Record the sale of ovens. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answers

1) Journal entry

Transaction General journal Debit Credit
1 Cash 600000
Accumulated depreciation-Oven (800000-50000/10)*2 150000
Loss on sale of oven 5000
Oven 800000
(To record sale of oven)
.

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