! Required Information Problem 7-8A Record the disposal of equipment (L07-6) 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 $670,000 The ovens originally cost $877000, had an estimated service life of 10 years, had an estimated residual value of $57000, and were depreciated using straight line depreciation Complete the requirements below for New Moming Bakery Problem 7-8A Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year