Dan sold 135 shares (assume 100 are long-term) of Elite Mutual Fund on July 26, 2019 for $95 per share and received a 1099-B (box 3 was not checked for basis) to record the sale of the shares. Dan's investment portfolio includes the following purchases of Elite Mutual Fund: May 20, 2016 50 shares at $100 per share March 29, 2017 50 shares at $95 per share August 21, 2018 50 shares at $85 per share February 22, 2019 100 shares at $75 per share. In 2019, Dan will recognize(assuming average cost method):___. A) no long-term gain or loss and a $333.45 short-term gain.
B) $315 short-term gain and a $900 long-term gain.
C) $250 long-term loss and $583.45 short-term gain.
D) no short-term gain or loss and a $1,215 long-term gain.

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.