Required information [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 Number of Purchased Shares 11/21/1993 1,160 3/18/1999 580 5/22/2008 910 Adjusted Basis $ 27,840 10,440 32,760 On October 12, 2019, he sold 1,440 of his shares of Stock A for $38 per share. 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 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 910 shares from the 5/22/2008 purchase and 530 shares from the 11/21/1993 purchase? Gain or loss to be recognized