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 $$510,000.$ The ovens originally cost $$701,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$41,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

$4.$ Determine the financial statement effects of the sale of the ovens at the end of the second year. Note: Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$Balance Sheet,Income Statement$],[$Assets$,$Liabilities,Stockholders' Equity,Revenues,Expenses,$\backslash$table$[[$Net Income$],[(191,000)$

$[$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 $$510,000.$ The ovens originally cost $$701,000,$ had an estimated service life of $10$ years, had an estimated residual value of $$41,000,$ and were depreciated using straight$-$line depreciation. Complete the requirements below for New Morning Bakery.

$4.$ Determine the financial statement effects of the sale of the ovens at the end of the second year.

Note: Amounts to be deducted should be indicated by a minus sign.