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Accounting

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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 $580,000. The ovens originally cost $778,000, had an estimated service life of 10 years, had an estimated residual value of $48,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery.
2. Calculate the book value of the ovens at the end of the second year.
Book value
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