New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $670,000. The ovens originally cost $877,000, had an estimated service life of 10 years, had an estimated residual value of $57,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery.

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