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 11/21/1994 3/18/2000 5/22/2009 Number of Shares 1,110 555 860 Adjusted Basis $ 26,640 9,990 30,960 On October 12, 2020, he sold 1,365 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 860 shares from the 5/22/2009 purchase and 505 shares from the 11/21/1994 purchase? Gain or loss to be recognized