Siena Industries (a sole proprietorship) sold three 1231 assets on October 10, 2020. Data on these property dispositions are as follows. Accumulated Asset Cost Acquired Depreciation Sold For Rack $100,000 10/10/16 $62,000 $85,000 Forklift 35,000 10/16/17 23,000 5,000 Bin 87,000 03/12/19 34,000 60,000 If an amount is zero, enter "0". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Total Amount of Character of Amount of $ 1245 Balance of Asset Gain or Loss Gain or Loss Recapture Gain or Loss Rack Ordinary income 85,000 x $ 38,000 $ 47,000 x Forklift 1231 loss 5,000 X 12,000 $ -7,000 Bin Ordinary income $ 60,000 x $ 53,000 X $ 7,000 X Siena has $ 54,000 of ordinary income due to 1245 recapture and $ -7,000 of 1231 loss