Required information Problem 5-63 (LO 5-2) (Algo) [The following information applies to the questions displayed below.] George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Stock A Date Purchased 11/21/1995 Number of Shares 1,120 3/18/2001 5/22/2010 560 870 Adjusted Basis $ 26,880 10,080 31,320 On October 12, 2021, he sold 1,380 of his shares of Stock A for $38 per share. Problem 5-63 Part-a (Algo) a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? Gain or loss to be recognized Problem 5-63 Part-b (Algo) b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 870 shares from the 5/22/2010 purchase and 510 shares from the 11/21/1995 purchase? Gain or loss to be recognized