On December 31, Strike Company sold one of its batting cages for $30,000. The equipment had an initial cost of $310,000 and had accumulated depreciation of $260,000. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?

Group of answer choices:

loss of $20,000

gain of $20,000

gain of $30,000

loss of $30,000