On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $242,047.00 with an accumulated depreciation of $229,944.65. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $27,835.41. What is the amount of the gain or loss on this transaction?

Select the correct answer.

Loss of $15,733.06

Gain of $27,835.41

Cannot be determined

Gain of $15,733.06