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: (Loss amounts should be indicated with a minus Date Purchased Stock A Stock A 11/21/1995 Number of Shares 1,140 Adjusted Basis 3/18/2001 Stock A 5/22/2010 570 890 $ 27,360 10,260 32,040 On October 12, 2021, he sold 1,410 of his shares of Stock A for $38 per share. Problem 7-47 Part-a (Algo) ces 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 $ 53,580 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: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Date Purchased 11/21/1995 Number of Shares 1,140 Adjusted Basis $27,360 3/18/2001 570 Stock A 5/22/2010 890 10,260 32,040 On October 12, 2021, he sold 1,410 of his shares of Stock A for $38 per share. Problem 7-47 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 890 shares from the 5/22/2010 purchase and 520 shares from the 11/21/1995 purchase? Gain or loss to be recognized