On December 31,Strike Company sold one of its batting cages for $20,000.The equipment had an initial cost of $310,000 and had accumulated depreciation of $260,000.Depreciation has been recorded up to the end of the year.What is the amount of the gain or loss on this transaction?
A)gain of $20,000
B) gain of $30,000
C)loss of $20,000
D)loss of $30,000

Question

On December 31,Strike Company sold one of its batting cages for $20,000.The equipment had an initial cost of $310,000 and had accumulated depreciation of $260,000.Depreciation has been recorded up to the end of the year.What is the amount of the gain or loss on this transaction?
A)gain of $20,000
B) gain of $30,000
C)loss  of $20,000
D)loss of $30,000

Quizplus · Accepted Answer

The Answer of On December 31,Strike Company sold one of its batting cages for $20,000.The equipment had an initial cost of $310,000 and had accumulated depreciation of $260,000.Depreciation has been recorded up to the end of the year.What is the amount of the gain or loss on this transaction?
A)gain of $20,000
B) gain of $30,000
C)loss  of $20,000
D)loss of $30,000

On December 31,Strike Company Sold One of Its Batting Cages