Charlotte purchases a residence for $105,000 on April 13, 2006. On July 1, 2021, she marries Howard and they use Charlotte's house as their principal residence. If they sell their home for $390,000, incurring $20,000 of selling expenses and purchase another residence costing $350,000. Which of the following statements is/are correct concerning the sale of their personal residence? If they sell the residence on June 1, 2019, they must recognize a gain of $15,000 on the sale. If they sell the residence on August 1, 2019, they will recognize no gain on the sale. Both statements are correct. None of the statements are correct