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 $30,000
b. gain of $20,000
c. loss of $20,000
d. loss of $30,000
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