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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 for $$600,000.$ The ovens originally cost $$800,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$50,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

$4.$ 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.$)$