Chrissy receives 200 shares of Chevron Texaco stock as a gift from her father. The stock cost her father $8,500 10 years ago and is worth $10,000 at the date of the gift.
a. If the stock is sold for $12,500, calculate the amount of the gain or loss on the sale.
                                                                                                                                                            $ ______________
b. If the stock is sold for $4,600, calculate the amount of the gain or loss on the sale.
                                                                                                                                                            $ _______________