38. LO.6,7 Siena Industries (a sole proprietorship) sold three 1231 assets on October 10, 2020. Data on these property dispositions are as follows Asset Cost Acquired Depreciation Sold for 10/10/16 Rack Forklift $100,000 35,000 87,000 10/16/17 03/12/19 $62,000 23,000 34,000 $85,000 5,000 60.000 Bin a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. b. Assuming that Siena has no 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