New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $530,000. The ovens originally cost $723,000, had an estimated service life of 10 years, and an estimated residual value of $43,000. New Morning Bakery uses the straight-line depreciation method for all equipment.

Required 1. Calculate the balance in the accumulated depreciation account at the end of the second year. References eBook & Resources Worksheet Difficulty: 3 Hard Learning Objective: 07-06 Account for the disposal of long-term assets Check my work value Required information 0.00 points 2. Calculate the book value of the ovens at the end of the second year. k value References eBook &Resources Worksheet Difficulty: 3 Hard Learning Objective: 07-06 Account for the disposal of long-term assets. 3. What is the gain or loss on the sale of the ovens at the end of the second yeart? eBook & Resources Worksheet Difficulty: 3 Hard Learning Objective: 07-06 Account for the disposal of long-term assets 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of ovens Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal