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Franco and Giada are trying to calculate their gross income. Which of the following items...

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Accounting

Franco and Giada are trying to calculate their gross income. Which of the following items should they exclude from their gross income? -1-$60,000 in cash inherited by Giada from her mother. -2-$20,000 borrowed by Franco and Giada from First City Bank. -3-$12,000 gain from the sale of Franco and Giada's boat. -4- $400 of interest earned on a loan made by Franco to his cousin Vinnie.

1 and 2.

3 and 4.

1, 2, and 3.

1, 2, and 4.

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