King Edward Company reported plant assets, net of accumulated depreciation, on January 1, 2008, at $437,500 and $589,300 on December 31, 2008. The income statement showed depreciation of $39,200. King Edward Company acquired $287,000 of plant assets during the year and reported proceeds from the sale of plant assets of $89,200 for the year. The gain or loss resulting from the sale of plant assets was a:

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The Answer of King Edward Company reported plant assets, net of accumulated depreciation, on January 1, 2008, at $437,500 and $589,300 on December 31, 2008. The income statement showed depreciation of $39,200. King Edward Company acquired $287,000 of plant assets during the year and reported proceeds from the sale of plant assets of $89,200 for the year. The gain or loss resulting from the sale of plant assets was a:

King Edward Company Reported Plant Assets, Net of Accumulated Depreciation