Required information Problem 7.8A (Algo) Record the disposal of equipment (LO7.6) [The following information applies ro the questions displayed below] New Morning Bakery is in the process of closing its operations, it sold its fwo-year-old bakery ovens to Great Harvest Bakety for $660.000. The ovens originally cost $866,000, had an estimated service life of 10 years, had an estimated residual value of $56,000. and were depreciated using straight fine depreciation. Complete the requirements below for New Morning Bakery Problem 7.8A (Algo) Part 2 2. Calculate the book value of the ovens at the end of the second year: Required information Problem 7-8A (Algo) 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 $660,000. The ovens originally cost $866,000, had an estimated service life of 10 years, had an estimated residual value of $56,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A (Algo) Part 3 3. What is the gain or loss on the sale of the ovens ot the end of the second year? Required informotion Problem 7.8A (Algo) Record the disposal of equipment (LO7.6) [The following information appties 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 $660,000. The ovens origitally cost $866,000, had an estimated service life of 10 years, had an estimated residual value of $56.000, and were depreciated using straight-line depreciation. Complete the requirements below for New Moining Balcery Problem 7.8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (if no entry is required for a tronsaction/event, select "No Journal Entry Required" in the first occount field.)