Required information

Problem $7-8$A $($Algo$)$ Record the disposal of equipment $($LO$7-6)$

$[$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 oven's to Great Harvest Bakery for $$590,000.$ The ovens originally cost $$789,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$49,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

Problem $7-8$A $($Algo$)$ Part $1$

Required:

Calculate the balance in the accumulated depreciation account at the end of the second year.

Accumulated depreciation