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

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Question - On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $257,966.00 with an accumulated depreciation of $232,169.40. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $23,216.94. What is the amount of the gain or loss on this transaction?

Loss of $25,796.60

Loss of $2,579.66

Gain of $2,579.66

Gain of $25,796.60

Reference no: EM132060384

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