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Required information Problem 7-8A Record the disposal of equipment (L07-6) (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 $690.000. The ovens originally cost $899.000, had an estimated service life of 10 years, had an estimated residual value of $59,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery Problem 7-8A Part 1 Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year. Accumulated depreciation Required information Problem 7-8A Record the disposal of equipment (L07-6) [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 $690,000. The ovens originally cost $899,000, had an estimated service life of 10 years, had an estimated residual value of $59,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 2 2. Calculate the book value of the ovens at the end of the second year. Book value Required information Problem 7-8A Record the disposal of equipment (L07-6) (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 $690,000. The ovens originally cost $899,000, had an estimated service life of 10 years, had an estimated residual value of $59,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery Problem 7-8A Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year? Gain on sale Loss on sale Required information Problem 7-8A Record the disposal of equipment (LO7-6) (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 $690,000. The ovens originally cost $899,000, had an estimated service life of 10 years, had an estimated residual value of $59,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the sale of ovens. Note: Enter debits before credits Transaction General Journal Debit Credit