Problem 3 (8 Points) Money Industries sold the following business assets during the current year: Machinery: $20,000 cost; $8,000 accumulated depreciation; $25,000 sales price; 2. 1. Automobile: $15,000 cost; $10,000 accumulated depreciation; $8,000 sales price; 3. Computers: $25,000 cost; $18,000 accumulated depreciation; $3,000 sales price; 4. Building: $280,000 cost; $120,000 accumulated depreciation; $300,000 sales price. In the table below, calculate the amount and character of the gain or loss related to the sale of each asset (before the 1231 netting process) Machine Auto Computer Buildin Proceeds Cost Basis Adjusted Tax Basis Total Gain (Loss $1231 Gain (Loss) Ordinary $1245 Ordinary $1250 Ordinary $ 291 Money had $15,000 of (if any) does Money report after the 1231 netting process? How much ordinary gain (if any) does Money report on its tax return? 1231 losses in the prior 5 years. How much capital gain Problem 3 (8 Points) Money Industries sold the following business assets during the current year: Machinery: $20,000 cost; $8,000 accumulated depreciation; $25,000 sales price; 2. 1. Automobile: $15,000 cost; $10,000 accumulated depreciation; $8,000 sales price; 3. Computers: $25,000 cost; $18,000 accumulated depreciation; $3,000 sales price; 4. Building: $280,000 cost; $120,000 accumulated depreciation; $300,000 sales price. In the table below, calculate the amount and character of the gain or loss related to the sale of each asset (before the 1231 netting process) Machine Auto Computer Buildin Proceeds Cost Basis Adjusted Tax Basis Total Gain (Loss $1231 Gain (Loss) Ordinary $1245 Ordinary $1250 Ordinary $ 291 Money had $15,000 of (if any) does Money report after the 1231 netting process? How much ordinary gain (if any) does Money report on its tax return? 1231 losses in the prior 5 years. How much capital gain