B. Determine the amount and character of gain (loss) recognized from the following asset sales by a proprietorship. All assets were used more than 1 year in the business; amounts are in thousands. Asset Cost Total Depreciation Adjusted Sales Gain 1231 Basis Price (Loss) Ordinary 25% 15% Equipment $70 $20 $50 $40 ($10) Equipment $45 $15 $30 $50 $20 Equipment $60 $22 $38 $50 $12 Land $100 n/a $100 $125 $25 Office Building $750 $285 $465 $900 $435 Warehouse $300 $105 $195 $180 ($15)