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! Required information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) ...

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Accounting

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Required information
Problem 7-8A (Algo) Record the disposal of equipment (LO7-6)
[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 $620,000. The ovens originally cost $822,000, had an estimated service life of 10 years, had an
estimated residual value of $52,000, and were depreciated using straight-line depreciation. Complete the
requirements below for New Morning Bakery.
Problem 7-8A (Algo) Part 3
What is the gain or loss on the sale of the ovens at the end of the second year?
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