On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $204,827.00 with an accumulated depreciation of $184,344.30. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $18,434.43. What is the amount of the gain or loss on this transaction?

Select the correct answer.

Loss of $2,048.27

Loss of $20,482.70

Gain of $2,048.27

Gain of $20,482.70