Kwon-Lee sold 200 shares held in FNP Mutual Fund in 2016 for $22,500 and received a 1099-B to record the sale of the shares.Kwon-Lee's investment portfolio includes the following purchases of FNP Mutual Fund stock: 2004 100 shares at $100 per share
2008 50 shares at $110 per share
2012 125 shares at $130 per share
2012 75 shares at $125 per share
Assuming Kwon-Lee uses the single category average cost method,he will recognize
A) $3,125 loss.
B) $1,000 loss.
C) $500 gain.
D) no gain or loss.
Correct Answer:
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