IV. Ordinary, Capital, & $1231 Assets 1. Determine the amount and character of gain (loss) recognized from the following asset sales by a proprietorship. Amounts are in thousands. Gain Asset Cost Total Depreciation Adjusted Basis Sales Price $1231 25% 15% (Loss) Ordinary Equipment $25 $7 $18 $30 $12 Equipment $200 $158 $42 $35 ($7) Equipment $50 $20 $30 $15 Warehouse $500 $125 $375 $450 $75 Apartment Building $500 $90 $410 $600 $190 IV. Ordinary, Capital, & $1231 Assets 1. Determine the amount and character of gain (loss) recognized from the following asset sales by a proprietorship. Amounts are in thousands. Gain Asset Cost Total Depreciation Adjusted Basis Sales Price $1231 25% 15% (Loss) Ordinary Equipment $25 $7 $18 $30 $12 Equipment $200 $158 $42 $35 ($7) Equipment $50 $20 $30 $15 Warehouse $500 $125 $375 $450 $75 Apartment Building $500 $90 $410 $600 $190