Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2018, for $340,000. On December 12, 2018, Kevin purchases an additional 750 shares of Bluebird stock for $238,000. According to market quotations, Bluebird stock is selling for $340 per share on 12/31/18. Kevin sells 500 shares of Bluebird stock on March 1, 2019, for $190,400. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2018, is $ 595,000 . Feedback The following questions are considered with respect to the sale or other disposition of property: Is there a realized gain or loss? If so, is the gain or loss recognized? If the gain or loss is recognized, is it ordinary or capital? What is the basis of any replacement property that is acquired? b. What is Kevin's recognized gain or loss from the sale of Bluebird stock on March 1, 2019, assuming the shares sold are from the shares purchased on December 12, 2018? In your computations, round the per share amount to the nearest whole dollar and use the rounded amount in subsequent computations. Kevin's recognized gain is $ . Feedback Partially correct c. What is Kevin's recognized gain or loss from the sale of Bluebird stock on March 1, 2019, assuming Kevin cannot adequately identify the shares sold? Kevin has a recognized gain of $ .