Multiple Choice
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $250,000 with an accumulated depreciation of $210,000. Depreciation has been taken up to the end of the year. Strike found a company that is willing to buy the equipment for $25,000. What is the amount of the gain or loss on this transaction?
A) Gain of $25,000
B) Loss of $15,000
C) Loss of $25,000
D) Cannot be determined
Correct Answer:
Verified
Correct Answer:
Verified
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