Mercer Industries (a sole proprietorship) sold three 1231 assets during 2020. Data on these property dispositions are as follows:

Asset	Cost	Acquired	Accumulated Depreciation	Sold For	Sold On
Rack	$166,400	10/10/17	$108,160	$83,200	10/10/20
Bin	$66,560	10/16/16	$33,280	24,960	10/10/20
Forklift	$149,760	03/12/19	$49,920	83,200	10/10/20

a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Is any of the gain/loss due to 1245 recapture? 1231?

b. Assuming that Mercer has $16,640 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain. Explain