Gates sold a building for $500,000. Accounts Receivable was $250,000 and Accounts Payable was $50,000. The building had originally cost the company $15,000,000 and had accumulated depreciation to date of $14,000,000.

What is the gain or loss that the UTSW Medical incurred on this transaction?

A. $550,000 GAIN on BALANCE SHEET

B. $300,000 LOSS on INCOME STATEMENT

C. $300,000 GAIN on BALANCE SHEET

C.$500,000 LOSS on INCOME STATEMENT