Required information The following information applies to the questions displayed below. George bought the following amounts of Stock A over the years: Date Number of Adjusted Purchased Shares Basis Stock A 11/21/1991 1, 000 $24,000 9,000 27, 000 Stock A 3/18/1997 500 Stock A 5/22/2006 750 On October 12, 2017, he sold 1.200 of his shares of Stock A for $38 per share. (Loss amounts should be indicated by a minus sign.) 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