3 OF 3 QUESTIONS REMAINING Question 1 7 Points The chart below describes the 5 1231 assets sold by the Bronze Company (a sole proprietorship) in 2020. Assume there is a 5 1231 lookback loss of $10,000 from 2019. Asset Acquired Sold Machine 3/10/16 Cost Depreciation Sale Price 8/10/2020 $30,000 $19,736 $5,000 Equipment 2/12/13 7/23/2020 70,000 28,838 90,000 Car 5/16/15 11/13/2020 40,000 40.000 50,000 Furniture 11/12/09 2/25/2020 44,000 44,000 28,000 Compute the gain or loss from each asset disposition AND indicate the character of the gain or loss for each asset. Determine the net 5 1231 gain treated as long-term capital gain for the year and indicate the amount of income taxed at the ordinary rate. Asset Gain or (loss) amount Amount that is section 1231 Amount that is section 1245 Machine Blank 1. Blank 2 Blank 3 Equipment Blank 4. Blank S Blank 6 Car Blank 7 Blank 8 Blank 9 Furniture Blank 10 Blank 11 Blank 12 Amount taxed ordinary? Blank 13 Amount taxed as a section 1231 gain? Blank 14