Jantzi Company Reported Capital Assets, Net of Accumulated Depreciation, on January

Multiple Choice

Jantzi Company reported capital assets, net of accumulated depreciation, on January 1, 2020, at $427,500 and $579,300 on December 31, 2020. The income statement showed depreciation of
$38,700. Jantzi Company acquired $275,000 of capital assets during the year and reported proceeds from the sale of capital assets of $89,200 for the year. The gain or loss resulting from the sale of capital assets was:

A) $3,400 loss
B) $4,700 gain
C) $5,050 gain
D) $2,390 loss