10 Part 1 of 4 Required Information Problem 7-8A Record the disposal of equipment (L07-6) [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 $570,000. The ovens originally cost $767,000, had an estimated service life of 10 years, had an estimated residual value of $47,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery 0.62 ons eBook Problem 7-8A Part 1 Print Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year References Aboumulated depreciation Problem 7-8A Part 2 2. Calculate the book value of the ovens at the end of the second year. Book value Problem 7-8A Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year