Multiple Choice
On December 31, Strike Company sold one of its batting cages for $55,000. The equipment had an initial cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. What is the amount of the gain or loss on this transaction?
A) loss of $55,000
B) loss of $5,000
C) gain of $5,000
D) gain of $55,000
Correct Answer:
Verified
Correct Answer:
Verified
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