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Accounting

!
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 $630,000. The ovens originally cost $833,000, had an estimated service life of 10 years, had an estimated
residual value of $53,000, and were depreciated using straight-line depreciation. Complete the requirements below for
New Morning Bakery.
What is the gain or loss on the sale of the ovens at the end of the second year?
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