8 s ! Required information [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 $500,000. The ovens originally cost $690,000, had an estimated service life of 10 years, had an estimated residual value of $40,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 4. Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Retained Stock Earnings Revenues Income Statement Expenses Net Income

Required information (The following information applies fo the questions displayed below) New Morning bakery is in the process of closing its operations. It sold its two-year-old bukery ovens to Great Harvest Bakery for $500,000. The ovens originally cost $690,000, had an estimated service Mfe of 10 years, had an estimated residual value of $40,000, and were depreciated using straight the depreciation, Complote the requirements below for New Morning Bakery. 4. Determine the financial statement effects of the sole of the ovens at the end of the second yeat Note: Amounts to be deducted should be indicated by a minus sign