33 No Gain/Loss 34. 35 How mudi erdinary gils aill be reparted on the inturn? 36 How much ordinary loss war be repoited en UNe inturs? 17. Hue moch iong term capitial gain wat be reported an the retuen? 38.1kw much beg-torm capital loss will be reperted on the refura? ACC 348 - Practice Problems for Chapter #11 Instructions: Compute the gain or loss on each transaction and enter the results on the Gain/Loss Worksheet in the required format, Assume tax year is 2021. a. Machinery - Kalen operates a machine shop as a sole proprietorship. He bought machinery in 2015 for $97,500, took $39,660 in depreciation and sold it in 2021 for $70,000. b. Office Equipment - Kalen also has office equipment in his machine shop. He bought this in 2016 for a very favorable price, $50,000. He has taken $12,470 of deprecation on it and sold it in 2021 for $67,500. c. Shop Equipment - Kalen had some other equipment he called "shop equipment," which was also used in his business. He sold it, receiving $16,000 in cash and some supplies he will use in his business which had a fair market value of $2,000. The equipment cost $30,000 and depreciation of $8,520 has been taken on it. It was purchased in 2016 . d. Investment securities - Kalen has done well with his investments. He bought them in 2017 for $72,700 and sold them in 2021 for $83,100. e. Investment Land - Kalen bought a piece of land as investment property for $328,000 in 1996. This year a woman approached him with a deal which he accepted. She offered him $228,000 and agreed to assume his mortgage for $100,000. 33 No Gain/Loss 34. 35 How mudi erdinary gils aill be reparted on the inturn? 36 How much ordinary loss war be repoited en UNe inturs? 17. Hue moch iong term capitial gain wat be reported an the retuen? 38.1kw much beg-torm capital loss will be reperted on the refura? ACC 348 - Practice Problems for Chapter #11 Instructions: Compute the gain or loss on each transaction and enter the results on the Gain/Loss Worksheet in the required format, Assume tax year is 2021. a. Machinery - Kalen operates a machine shop as a sole proprietorship. He bought machinery in 2015 for $97,500, took $39,660 in depreciation and sold it in 2021 for $70,000. b. Office Equipment - Kalen also has office equipment in his machine shop. He bought this in 2016 for a very favorable price, $50,000. He has taken $12,470 of deprecation on it and sold it in 2021 for $67,500. c. Shop Equipment - Kalen had some other equipment he called "shop equipment," which was also used in his business. He sold it, receiving $16,000 in cash and some supplies he will use in his business which had a fair market value of $2,000. The equipment cost $30,000 and depreciation of $8,520 has been taken on it. It was purchased in 2016 . d. Investment securities - Kalen has done well with his investments. He bought them in 2017 for $72,700 and sold them in 2021 for $83,100. e. Investment Land - Kalen bought a piece of land as investment property for $328,000 in 1996. This year a woman approached him with a deal which he accepted. She offered him $228,000 and agreed to assume his mortgage for $100,000