Exercise 17-20 (Algorithmic) (LO. 1) Aqua Corporation purchases nonresidential real property on May 8, 2017, for $1,390,000. Straight-line cost recovery is taken in the amount of $139,000 before the property is sold on November 27, 2020, for $2,085,000. a. Compute the amount of Aqua's recognized gain on the sale of the realty. $fill in the blank 14ccc40c2075fb3_1 870,000 Feedback Section 1250 property consists of real property that is not Section 1245 property, generally buildings and their structural components. When Section 1250 property is sold there is a possibility of Section 1250 depreciation recapture. b. Determine the amount of the recognized gain that is treated as 1231 gain and the amount that is treated as 1250 recapture due to 291. 1231 gain: $fill in the blank d6378a09102efcb_1 795,000 1250 recapture due to 291: $fill in the blank d6378a09102efcb_2 159,000