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Record the sale of the ovens at the end of the second year

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Question

Hudson Donuts is in the process of closing its operations. It sold its three-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $700,000, had an estimated service life of 10 years, and an estimated residual value of $50,000. Hudson uses the straight-line depreciation method for all equipment.

Required:

Calculate the following at the end of the third year:

Balance in the Accumulated Depreciation account book value of the ovens gain or loss on the sale of the ovens at the end of the second year?

Record the sale of the ovens at the end of the second year.

Reference no: EM132385746

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