Vol 2, Issue 8: Mu... VitalSource Books... erhal_browser=0&launchUrlhttps%253A%252F%252Fims.mh Daz 3D - 3D Mod... ads Liquids | ACIDBITE Accounting chapt.. Chapter 7) Sorod ! 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 Stock Stock Dato Number of Purchased Shares 11/21/1994 1, 110 3/18/2000 555 5/22/2009 Adjusted Basis $26,640 9.990 30,960 On October 12, 2020, he sold 1,365 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 shores sold? Gain or loss to be recognized Saved 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 Stock Stoek A Date Purchased 11/21/1994 3/18/2000 5/22/2009 Number of Shares 1, 110 555 360 Adjusted Basis 326,640 9.990 30,960 On October 12, 2020, he sold 1,365 of his shores 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 860 shares from the 5/22/2009 purchase and 505 shares from the 11/271994 purchase? Goin or loss to be recognized $ 7,980