The controller of Oak Corp., a calendar year-end C corporation, asked you to determine how the sale of various assets should be reported. The controller provided you with the information below for the transactions in Year 7. Treat each sale as an independent transaction. Using the information provided, please compute the gain or loss recognized on the sale of the asset and the character of the gain or loss. 1. Oak sold 1,000 shares of Rose Corp. stock held for investment on June 15th, Year 7, for total proceeds of $10,000. Oak originally purchased 500 shares of Rose Corp. stock on October 10, Year 4 for a total cost of $2,000. On July 15th, Year 6 there was 4 for 1 stock split. 2. Equipment previously used in Oak's business with a useful life of five years for tax purposes was sold on September 20 Year 7, for net proceeds of $45,000. The equipment was originally purchased for $57,000 on March 1, Year 1. 3. Inventory was sold on December 15, Year 7 for $8,000. The inventory had a cost basis of $12,000 and was subsequently written down to $7,000 only for book purposes on December 31, Year 6. 4. An automobile used in Oak's business was sold for its fair market value of $15,000 on May 15, Year 7, to a shareholder owning 60% of Oak's stock. The automobile was purchased by Oak for $35,000 on February 1, Year 4, and the tax basis on the date of the sale was $22,000. Please consider related party sales slide deck.