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 Purchased 11/21/1993 3/18/1999 5/22/2008 Number of Shares 1,190 595 940 Adjusted Basis $ 28,560 10, 710 33,840 On October 12, 2019, he sold 1,485 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 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 Purchased 11/21/1993 3/18/1999 5/22/2008 Number of Shares 1,190 595 940 Adjusted Basis $ 28,560 10,710 33,840 On October 12, 2019, he sold 1,485 of his shares of Stock A for $38 per share. 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 940 shares from the 5/22/2008 purchase and 545 shares from the 11/21/1993 purchase? Answer is complete but not entirely correct. Gain or loss to be recognized $ 5,310 X