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Over the past years, Elvis has purchased 350 shares of Singer, Inc., stock. His first purchase was in 2012 when he acquired 40 shares for

Over the past years, Elvis has purchased 350 shares of Singer, Inc., stock. His first purchase was in 2012 when he acquired 40 shares for $30 a share. In 2015, Elvis bought 160 shares at $15 a share. In 2018, Elvis acquired 150 shares at $50 a share. Elvis sells 100 shares at $70 per share in the current year. If Elvis cannot identify the exact shares sold, what is his recognized gain?

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$4,900

$2,100

$7,000

$2,000

$5,000

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