h 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 lossO b. gain of $40,931O c. loss of $(30,698)O d. cannot be determined with information given

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What is the amount of the gain or loss on this transaction?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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