Multiple Choice
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $310,000 with an accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $20,000. What is the amount of the gain or loss on this transaction?
A) Gain of $20,000
B) Loss of $30,000
C) No gain or loss
D) Cannot be determined
Correct Answer:
Verified
Correct Answer:
Verified
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