3. Calculate the gain/loss and characterize the gain/loss for the following transactions that occurred in 2022 with respect to XYZ, Inc., an accrual basis, calendar year corporation (25 pts): a. Land that was held as an investment was sold on February 2, 2022 for $750,000. The land was originally acquired on March 1, 2002 for $400,000 b. An excavator that was used in XYZ's business was sold on December 8, 2022 for $50,000. The excavator was purchased on March 18, 2019 for $190,000. $175,000 of depreciation expense was claimed against this asset (including the year of sale). c. An office building used by XYZ's business was sold on July 7, 2022 for $350,000. The office building was purchased on April 1, 2001 for $275,000. $190,000 of S/L depreciation expenses was claimed against this asset (including the year of sale). Assume no purchase price was allocated to land with respect to this asset's purchase or sale. d. Inventory was sold on November 11, 2022 for $60,000. This inventory was acquired on October 1, 2022 for $25,000.