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 *100,000 gain X150,000 loss No gain or loss