(Answered) Problem - harold owned the following lots of orange

Accounting

Problem - Harold owned the following lots of Orange Corporation stock.

Purchase date No. of shares Basis

October 1, 2005 50 $ 2,500

February 8, 2006 50 3,500

September 5, 2006 100 11,000

On October 12, 2008, 100 shares of stock were sold for $14,000. Harold did not specifically identify the shares of stock sold. What is the recognized gain or loss?

a. $0.

b. $3,000.

c. $5,500.

d. $8,000.

e. None of the above.

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