[The following information applies to the questions displayed below.]

East Mill Pizzeria is closing its business. It sold its two-year-old pizza ovens to Marco's Italian Restaurantfor $550,000. Originally, East Mill acquired the pizza ovens at a cost of $745,000.The ovens hadan estimated useful life of 10 years, an estimated residual value of $45,000, and were depreciated using straight-line depreciation. Complete the requirements below for East MillPizzeria.

4.Record the sale of the ovens at the end of the second year.