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What is the gain or loss on the sale of the ovens

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Question - East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurant for $550,000. Originally, East Mill acquired the pizza ovens at a cost of $745,000. The ovens had an estimated useful life of 10 years, an estimated residual value of $45,000, and were depreciated using straight-line depreciation. Complete the requirements below for East Mill Pizzeria. What is the gain or loss on the sale of the ovens at the end of the second year?

Reference no: EM132921252

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