Problem 8-6 (Algorithmic) Calculation of Gain or Loss, Section 1231 Gains and Losses (LO 8.3, 8.6) Frank Willingham has the following transactions during the year: Sale of office equipment on March 15 that cost $23,200 when purchased on July 1, 2015. Frank has claimed $4,640 in depreciation and sells the asset for $13,920 with no selling costs. Sale of land on April 19 for $151,600. The land cost $166,760 when purchased on February 1, 2006. Frank's selling costs are $30,320. Assume there were no capital improvements on either business asset sold. Frank's Social Security number is 924-56-5783. Complete Form 4797 to report the above gains or losses. Enter all amounts as positive numbers except for a "loss". If required, enter a "loss" as a negative number on the tax form. If an amount is zero, enter "0".