On December 31, Strike Company traded in one of its batting cages for another one that has a cost of $546,370. Strike receives a trade-in allowance of $36,045. The old equipment had an initial cost of $267,000 and has accumulated depreciation of $226,950. Depreciation has been recorded up to the end of the year. The difference will be paid in cash. What is the amount of the gain or loss on this transaction?
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