Exercise 14-31 (LO. 7) Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $26,000 with an adjusted basis of $15,500 for $17,000. Later in the year, Lena sold another piece of equipment purchased two years ago with an adjusted basis of $8,200 for $5,500. What are the tax consequences of these tax transactions? Lena has Lena has of $ of $ from the sale of the first equipment. from the sale of the second equipment.

Lena is a sole proprietor. In April of this vear, she sold equipment purchased four years ago for $26,000 with an adjusted basis of $15,500 for $17,000. Later in the year, Lena sold another plece of equipment purchased two years ago with an adjusted basis of $8,200 for $5,500. What are the tax consequences of these tax transactions? Lena has Lena has of $ of $ from the sale of the first equipment. from the sale of the second equipment