Mr. Panther owns 50,000 shares of Lowland Corporation common stock, which it purchased on March 8, 2011, for $1,250,000. In 2022, Mr. Panther buys and sells Lowland Corporation stock as follows. On October 3, Panther purchases an additional 30,000 shares for $660,000. On October 12, he sells the original 50,000 shares acquired in 2011 for $1,175,000. On November 1, he purchases an additional 15,000 shares for $307,500. Read the requirements. Requirement a. What is Mr. Panther's recognized gain or loss as a result of the sale on October 12? Amount Gain or loss Gain or loss to be recognized 75,000 loss