Depreciable Asset Retirements Vance Enterprises closes its books on December 31 of each year. On January 12019, the following information on depreciable assets was contained in its records: Type Or Asset Undepreciated Original Date or Equipment (Class 8) Capital Cost Capital Cost Acquisition Buildings (Class 1) $ 2,100 $ 26,000 January, 2009 205,000 250.000 Automobile (Class 10) January, 2004 10,200 20,500 June, 2012 During the 2019 fiscal year, the following transactions occur: Sale of Equipment - As the result of an extensive analysis, it is decided that it would be better to sell the existing equipment and to replace it with improved equipment that will be leased. The equipment is sold for $11,000. Sale Of Buildings - A similar decision is made with respect to the buildings. They are sold for $342.000 and replaced with leased premises. Of the $342,000 received, $80,000 is for the land on which the buildings are situated. The adjusted cost base of the land was equal to the $70,000 proceeds of disposition. Sale Of Automobile - The automobile is used by Ms. Vance for both business and personal matters. It is sold during the current year and replaced with a leased vehicle. The sale proceeds are $10,900. Required: Indicate the tax consequences that would result from the described transactions above