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How much gain or loss will report for two transaction

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Problem 1: Linda purchased two cars in 2018. A vintage Thunderbird for $72,000 and a Honda Accord for $29,000. Both cars were used solely for personal purposes. During the current year, she sold the Thunderbird for $85,000 and the Honda for $25,000. How much gain or loss will she report for these two transactions?

Group of answer choices

Option 1: $9,000 gain

Option 2: $4,000 loss

Option 3: No gain or loss

Option 4: $13,000 gain

Reference no: EM132736323

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