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Calvin Corporation's office was burglarized. The thieves stole 10 laptop computers and other electronic equipment. The lost assets had an original cost of $35,000 and accumulated tax depreciation of $19,400. Calvin received an insurance reimbursement of $10,000 related to the theft loss. Required: Determine the amount and character of gain or loss recognized as a result of this theft. Note: Enter a loss with a minus sign. This year, PRS Corporation generated $300,000 income from the performance of consulting services for its clients. It sold two assets during the year, recognizing a $36,000 gain on the first sale and a $49,000 loss on the second sale. Compute PRS's taxable income assuming that Required: a. Both the gain and the loss were capital. b. Both the gain and the loss were ordinary. c. The gain was ordinary, and the loss was capital. d. The gain was capital, and the loss was ordinary