Katie Sells Her Personal Use Automobile for $12,000

question 86

Multiple Choice

Katie sells her personal use automobile for $12,000.She purchased the car three years ago for $25,000.What is Katie's recognized gain or loss?

• A)$0
• B)$12,000
• C)($13,000)
• D)($25,000)

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Definitions:

Random Events

Outcomes or occurrences that cannot be predicted with certainty due to the random nature of the underlying process.

Probability Space

The mathematical framework for probability in which a sample space, together with a probability measure, models the outcome of a random experiment.

First Grader

A student in the first grade of school, typically aged six to seven years old, in the initial stage of formal education.

Fourth Grader

A student who is in the fourth grade, typically around 9 to 10 years old, subject to curriculum standards that include various basic subjects.