Exercise 7-23 (Algorithmic) (LO. 2) On May 9, 2019, Calvin acquired 300 shares of stock in Hobbes Corporation, a new startup company, for $97,750. Calvin acquired the stock directly from Hobbes, and it is classified as 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid-in capital). On January 15, 2021, Calvin sold all of his Hobbes stock for $9,775. Assume that Calvin is single. Assuming that Calvin is single, determine his tax consequences as a result of this sale. If an amount is zero, enter " 0 ". As a result of the sale, Calvin has: Ordinary loss: Short-term capital loss: Long-term capital loss: $ $