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Butte sold a machine to a machine dealer for $50,800. Butte bought the machine for $54,200 several years ago and has claimed $12,100 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss? Multiple Choice $8,700, capital gain $8,700,81231 loss None of the choices are correct. $3,400,81231 loss $8,700, ordinary gain Koch traded Machine 1 for Machine 2 when the fair market value of both machines was $49,450. Koch originally purchased Machine 1 for $76,100, and Machine 1's adjusted basis was $40,550 at the time of the exchange. Machine 2's seller purchased it for $64,450 and Machine 2 's adjusted basis was $55,550 at the time of the exchange. What is Koch's adjusted basjs in machine 2 after the exchange? Multiple Choice $40,550 $49,450 $55,550 $76,100 None of the choices are correct