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New Deli is in the process of closing its operations. It sold its three-year-old ovens...

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Accounting

New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $320,500. The ovens originally cost $427,500, had an estimated service life of 10 years, had an estimated residual value of $27,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli.
4. Record the sale of the ovens at the end of the third year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Record the sale of equipment.

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