P&G Corporation, a C corporation, sold the following business assets in 2021. Compute the amount and character of any gain or loss P&G Corporation must report from the disposition of each asset. Then determine the net amount of each type of gain or loss recognized by P&G Corporation in 2021 (e.g. net 1231 gain or loss, net ordinary gain or loss, etc.). Assume that P&G Corporation has no Section 1231 losses in prior years. Please show your work and explain your calculations.

Asset	Acquired	Sold	Cost	Cost Recovery	Adjusted Basis	Sales Price
Computer	10/7/2020	8/16/2021	$50,000	$10,000	$40,000	$45,000
Mfg. Equipment	1/13/2019	5/16/2021	$208,000	$98,852	$109,148	$180,000
Office building	7/23/2013	2/12/2021	$320,000	$60,000	$260,000	$400,000
Land	7/23/2013	2/12/2021	$100,000	$0	$100,000	$80,000