What is the amount of the gain or loss on this transaction?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 31, Strike Company sold one of its batting cages for $173,952. The equipment had an original cost of $204,650 and has accumulated depreciation of $30,698.
Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?
O a. no gain or loss
O b. gain of $40,931
O c. loss of $(30,698)
O d. cannot be determined with information given
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