Problem 7-8A (Static) Record the disposal of equipment (LO7.6) [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 $700,000. The ovens originally cost $910,000, had an estimated service life of 10 years, had an estimated residual value of $60,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7.8A (Static) Part 1 Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year. Required: Answer is complete but not entirely correct. Problem 7.8A (Static) Record the disposal of equipment (LO7.6) [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 $700,000. The ovens originally cost $910,000, had an estimated service life of 10 years, had an estimated residual value of $60,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A (Static) Part 2 2. Calculate the book value of the ovens at the end of the second yeat. Required information Problem 7-8A (Static) Record the disposal of equipment (LO7-6) [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 $700,000. The ovens originally cost $910,000, had an estimated service life of 10 years, had an estimated residualvalue of $60,000, and were depreciated using straight-ine depreciation. Complete the requirements below for New Morning Bakery Problem 7.8A (Static) Port 3 3. What is the gain or loss on the sale of the ovens at the end of the second year? [The following information apples to the questions displayed befow] New Moming Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $700,000. The ovens onginally cost $910,000, had an estimated service life of 10 years, had an estimated residual value of $60,000, and were depreciated using straight-Ane depreciation. Complete the requicements below for New Morning Bakery. Problem 7-8A (Static) Part 4 4. Record the sale of the ovens at the end of the second year, (if no entry is required for a transoction/event, select "No Journal Entry Required in the first occount field)