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Problem 7-8B (Algo) Record the disposal of equipment (LO7-6) [The following information applies...

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Accounting

Problem 7-8B (Algo) Record the disposal of equipment (LO7-6)
[The following information applies to the questions displayed below.]
New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $287,700. The ovens originally cost $383,500, had an estimated service life of 10 years, had an estimated residual value of $23,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli.
Problem 7-8B (Algo) Part 3
3. What is the gain or loss on the sale of the ovens at the end of the third year?
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