New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $590,000. The ovens originally cost $789,000, had an estimated service life of 10 years, and an estimated residual value of $49,000. New Morning Bakery uses the straight-line depreciation method for all equipment.
Record the sale of the ovens at the end of the second year.