On December 31, Red Jays sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been recorded up to the...

Extracted text: On December 31, Red Jays sold one of its batting cages for $20,000. The equipment had an initial cost of $310,000 and has 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? Gain of $20,000 Gain of $30,000 Loss of $20,000 Loss of $30,000 None of the above