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 $600,000. The ovens originally cost $800,000, had an estimated service life of 10 years, had an estimated residual value of $50,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year