$!$

Required information

$[$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 $$650,000.$ The ovens originally cost $$855,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$55,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

$3.$ What is the gain or loss on the sale of the ovens at the end of the second year?