Question 3 (9 points) In 2020, Quill Corporation, a calendar-year C corporation, sold the following business assets on the dates listed below. Compute the amount and character of the gain, or loss Quill Corporation must report from the disposition of each asset. Then determine the sum of each type of gain or loss and the net effect these gains and losses have on Quill Corporation's 2020 taxable income. Assume that Quill has no Section 1231 losses in prior years. Please show your work and explain your calculations. Asset Acquired Sold Cost Computer Office building Land 1/13/18 7/23/12 7/23/12 5/16/2020 $208,000 2/12/2020 $320,000 2/12/2020 $100,000 Cost Recovery $74,880 $60,000 $0 Adjusted Basis $133,120 $260,000 $100,000 Sales Price $180,000 $400,000 $80,000