Required information Problem 7-47 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. Stock A Stock A Stock A Date Purchased 11/21/1997 3/18/2003 5/22/2012 Problem 7-47 Part-a (Algo) Number of Shares 1,010 505 760 $ 24,240 9,090 27,360 On October 12, 2023, he sold 1,215 of his shares of Stock A for $38 per share. Adjusted Basis Gain or loss to be recognized . How much gain or loss will George have to recognize if he uses the FIFO method of accounting for the shares sold?

Required information Problem 7-47 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. On October 12,2023 , he sold 1,215 of his shares of Stock A for $38 per share. oblem 7-47 Part-a (Algo) How much gain or loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? Required information Problem 7.47 (LO 7-2) (Algo) [The following information applies to the questions displeyed below] George bought the following amounts of Stock A over the years: Note: Loss amounts should be indicated with a minus sign. On October 12, 2023, he sold 1,215 of his shares of Stock A for $38 per share. Problem 7.47 Part-b (Algo) b. How much gain or loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 760 shares from the 5/22/2012 purchase and 455 shares from the 11/21/1997 purchase