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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 $560,000. The ovens originally cost $756,000, had an estimated service life of 10 years, had an estimated residual value of $46,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery.
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.)
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