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Choose the response that correctly states the amount of a seller's gain or loss on...

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Finance

Choose the response that correctly states the amount of a seller's gain or loss on repossessed real property with a FMV of $54,000 on the date of repossession. The unpaid balance of the installment obligation at the time of repossession is $56,000, the gross profit percentage is 25%, and the costs of repossession were $800.

1) Loss of $13,200

2) Loss of $11,200

3) Gain of $11,200

4) Gain of $13,200

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