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Exercise 8-7 (Algorithmic) (LO. 6, 7) Jacob purchased business equipment for $105,300 in 2018 and has taken $63,180 of regular MACRS depreciation. Jacob sells

Exercise 8-7 (Algorithmic) (LO. 6, 7) Jacob purchased business equipment for $105,300 in 2018 and has taken $63,180 of regular MACRS depreciation. Jacob sells the equipment in 2021 for $47,385. What is the amount and character of Jacob's gain or loss? If an amount is zero, enter "0". Jacob has 1245 gain of $ and 1231 gain of $

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