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Exercise 17-21 (Algorithmic) (LO. 1) Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $74,200 with an adjusted basis of $44,520 for $48,972. Later in the year, Lena sold another piece of equipment purchased two years ago with an adjusted basis of $22,260 for $14,469. What are the tax consequences of these tax transactions? Lena has of $ from the sale of the first equipment. Lena has of $ from the sale of the second equipment. Problem 17-50 (Algorithmic) (LO. 5) Jasmine owned rental real estate that she sold to her tenant in an installment sale. Jasmine acquired the property in 2009 for $1,900,000; took $665,000 of depreciation on it; and sold it for $1,045,000, receiving $104,500 immediately and the balance (plus interest at a market rate) in equal payments of $94,050 for 10 years. a. What is the nature of the recognized gain or loss from this transaction? The nature of this transaction results in of $ Jasmine use the installment method for this transaction, because it is b. Assuming that the interest rate on the installment contract is 5%, what is the present value of the installment payments? The conversion factor for the present value of an ordinary annuity at 5% for 10 periods is 7.7217. Round your answer to two decimal places

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