On December 31, Strike Company sold one of its batting cages for $55,000. The equipment had an initial cost of $310,000 and has accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. What is the amount of the gain or loss on this transaction? Oa. loss of $55,000 b. loss of $5,000 Oc. gain of $5,000 Od. gain of $55,000