On December 31, Strike Company sold one of its batting cages for $22,988. The equipment had an initial cost of $255,416 and had accumulated depreciation of $229,874. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction? a. Loss of $2,554 b. Gain of $232,428 c. Gain of $2,554 d. Loss of $206,886