Jake purchased a $140,000 crane for his construction business. He sold the crane for $110.000 after taking $78,400 of depreciation Assume Jake is in the 35% tax rate bracket Required: a. On what form would the gain or loss originally be reported? b. What is the amount of gain or loss on the sale? c. What amount of the gain or loss is subject to ordinary tax rates? Required A Required e Required On what form would the gain or loss originally be reported? Gain or loss whould be originally reported in