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[The following information applies to the questions displayed below.]| Rayburn Corporation has a building that it bought during year 0 for $850,000. It sold the building in year 5. During the time it held the building Rayburn depreciated it by $100,000.

What is the amount and character of the gain or loss Rayburn will recognize on the sale in each of the following alternative situations? (Loss amounts should be indicated by a minus sign. Enter NA if a situation is not applicable. Leave no answer blank. Enter zero if applicable.)

a. Rayburn receives $840,000.

Total Gain/(Loss) Recognized:

1231 gain/loss:

b. Rayburn receives $900,000.

Total Gain/(Loss) Recognized:

1231 gain/loss:

c. Rayburn receives $700,000.

Total Gain/(Loss) Recognized:

1231 gain/loss: