On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $257,966.00 with an accumulated depreciation of $232,169.40. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $23,216.94. What is the amount of the gain or loss on this transaction?

Select the correct answer.

Loss of $25,796.60

Loss of $2,579.66

Gain of $2,579.66

Gain of $25,796.60