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 $7-8$A $($Algo$)$ Part $4$

$4.$ Record the sale of the ovens at the end of the second year.