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QUESTION
On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an...
On December 31, Reach It Batting Cages Company has decided to sell one of its batting cages. The initial cost of the equipment was $225,000 with an accumulated depreciation of $195,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?
