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Problem 17-38 (Algorithmic) (LO. 2, 3) Copper Industries (a sole proprietorship) sold three 1231...

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Problem 17-38 (Algorithmic) (LO. 2, 3) Copper Industries (a sole proprietorship) sold three 1231 assets during 2021. Data on these property dispositions are as follows: Accumulated Acquired Depreciation Sold For Sold On Asset Cost Rack 10/10/18 $95,800 10/10/21 $191,600 76,640 $124,540 38,320 Forklift 10/16/17 28,740 10/10/21 Bin 172,440 03/12/20 57,480 95,800 10/10/21 If an amount is zero, enter "O". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Total Amount of Character of Amount of $ 1245 Recapture Balance of Asset Gain or Loss Gain or Loss Gain or Loss Rack Forklift Bin Copper has $ of due to 1245 recapture and $ of 1231 b. Assuming that Copper has $19,160 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain

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