Required information Problem 7-8A 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. roblem 7-8A Part 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 itry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits