Question Content Area On December 31, Strike Company traded in one of its batting cages for another one that has a cost
Posted: Sun Jul 03, 2022 3:59 pm
Question Content Area On December 31, Strike Company traded inone of its batting cages for another one that has a cost of$530,250. Strike receives a trade-in allowance of $33,750. The oldequipment had an initial cost of $250,000 and has accumulateddepreciation of $212,500. Depreciation has been recorded up to theend of the year. The difference will be paid in cash. What is theamount of the gain or loss on this transaction?
a.loss of $3,750
b.loss of $33,750
c.gain of $33,750
d.no loss or gain
a.loss of $3,750
b.loss of $33,750
c.gain of $33,750
d.no loss or gain