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Required information

Problem $7-8$A $($Algo$)$ Record the disposal of equipment $($LO$7-6)$

$[$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 $$620,000.$ The ovens originally cost $$822,000,$ had an estimated service life of $10$ years, had an

estimated residual value of $$52,000,$ and were depreciated using straight$-$line depreciation. Complete the

requirements below for New Morning Bakery.

Problem $7-8$A $($Algo$)$ Part $3$

What is the gain or loss on the sale of the ovens at the end of the second year?