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QUESTION
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $630,000.
New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $630,000. The ovens originally cost $833,000, had an estimated service life of 10 years, and an estimated residual value of $53,000. New Morning Bakery uses the straight-line depreciation method for all equipment.
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