Rafael sold an asset to Jamal. What Is Rafael's amount realized on the sale in each of the following alternative scenarios? Problem 11-32 Part-a (Algo) a. Rafael received $100,000 cash and a vehicle worth $17,900. Rafael also paid $9,700 In selling expenses. Amount realized b. Rafael received $123,500 cash and was relieved of a $38,000 mortgage on the asset he sold to Jamal. Rafael also paid a commission of $6,800 on the transaction. Amount realized c. Rafael received $42,500 cash, a parcel of land worth $59,000, and marketable securities of $18,500. Rafael also paid a commission of $10,000 on the transaction. Amount realized a. What are the amount and character of the gain or loss Longworth will recognize on the sale? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/[loss) b. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are Increased to $61,250? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss) c. What are the amount and character of the gain or loss Longworth will recognize on the sale if the sale proceeds are decreased to $18,300? Description Amount Total Gain/(Loss) Recognized Character of Recognized Gain/(Loss): Ordinary Gain/(Loss) $1231 gain/(loss)