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 1,150 3/18/2001 Stock A 5/22/2010 575 900 Adjusted Basis $ 27,600 10,350 32,400 On October 12, 2021, he sold 1,425 of his shares of Stock A for $38 per share. Problem 7-47 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