what is the gain or loss on each individual asset?

5 55. 03,8 Jay sold three items of business equipment for a total of $300 000. None D of the equipment was appraised to determine its value. Jay's cost and Crit adjusted basis for the assets are as follows: Adjusted Basis Asset Skidder Driller Platform Total Cost $230,000 120,000 620,000 5970,000 40,000 60,000 100,000 Jay has been unable to establish the fair market values of the three assets. All he can determine is that combined they were worth $300,000 to the buyer in this arm's length transaction. How should Jay allocate the sales price and figure the gain or loss on the sale of the three assets