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[The following information applies to the questions displayed below.] New Morning Bakery is in the...

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Accounting

image [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 $660,000. The ovens originally cost $866,000, had an estimated service life of 10 years, had an estimated residual value of $56,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. 1. Determine the financial statement effects of the sale of the ovens at the end of the second year. Jote: Amounts to be deducted should be indicated by a minus sign

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