Question: Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Drew traded his office copier in for a new one.

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Drew traded his office copier in for a new one. The old copier had an adjusted basis of $400. The new copier cost $1,350, and he was given a trade-in allowance of $500. I. The amount realized is $400. Il. Drew has a realized gain of $100. a. Only statement I is correct. b. Only statement II is correct. c. Both statements are correct. d. Neither statement is correct

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