- A plant asset cost 900,000 when it was purchased on January 1, 2013. - On June 30,2020 , the asset was discarded with no cash proceeds. - The balance in the accumulated depreciation account on December 31, 2019 was $700,000 - The depreciation amount each year is 100,000 and is recorded on December 31 each year - No depreciation has been recorded so far in 2020. Using the straight line method, what gain or loss should be recognized on the retirement? Hint: Remember there is a partial year of depreciation in 2020 that is not yet recorded. 200,000 loss No gain or loss 100,000 gain 150,000 loss