During 2020, Quill Corporation, a calendar-year C corporation, sold the following business assets on the dates listed below.Compute theamount and characterof the gain or loss Quill Corporation must report from the disposition of each asset.Then determine the sum of each type of gain or loss and the net effect these gains and losses have on Quill Corporation's 2020 taxable income.Assume that Quill has no Section 1231 losses in prior years.Please show your work and explain your calculations.

Asset Acquired Sold Cost Cost Adjusted Sales Recovery Basis Price Computer 1/13/18 5/16/2020 $208,000 $74,880 $133, 120 $180,000 Office building 7/23/12 2/12/2020 $320,000 $60,000 $260,000 $400,000 Land 7/23/12 2/12/2020 $100,000 $0 $100,000 $80,000