Question 5 Amber's business goes bankrupt in 2020. To close her business, Amber start by selling off her business assets. Below are the asset disposition transactions: Assets Purchased Sold date Sold price Date Delivery car 2/1/19 35k 12/31/20 25k Furniture 4/15/18 50k 12/31/20 20k Equipment 6/1/18 120k 12/31/20 150k Land 1/1/18 200k 12/31/20 280k Cost Assume there is no Section 179 and Bonus depreciation. Use MACRS only for depreciation calculation Show detailed calculation and explanation a) Calculate total accumulative depreciation of each asset until the sold date (12/31/20). b) Calculate the adjusted basis for each asset c) Calculate the gain/loss for each asset d) Point out the exact character of gain/loss for each asset gain/loss (ex: Ordinary, pure 1231, 1245, 1250, etc.) e) Calculate the Net 1231 Gain/Loss Hint: Be aware of 1245 Depreciation recapture and 1231 lookback rules