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New Morning Bakery is in the process of closing its operations. It sold its two$-$year$-$old bakery ovens to Great Harvest Bakery for $$580,000.$ The ovens originally cost $$778,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$48,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

$2.$ Calculate the book value of the ovens at the end of the second year.

Book value