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16. On December 31, Red Berets sold one of its batting cages for $25,000. The...

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Accounting

16. On December 31, Red Berets sold one of its batting cages for $25,000. The equipment had an initial cost of $295,000 and has accumulated depreciation of $250,000. 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 $250,000

b. Gain of $20,000

c. Loss of $25,000

d. Loss of $20,000

e. None of the above.

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