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New Morning Bakery is in the process of closing its operations. It sold its two - year - old bakery ovens to Great Harvest Bakery

New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $640,000. The ovens originally cost $844,000, had an estimated service life of 10 years, had an estimated residual value of $54,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery.
Problem 7-8A (Algo) Part 4
4. Record the sale of the ovens at the end of the second year.

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