Comprehensive Problem 07-63 (LO 07-1, LO 07-2, LO 07-3, LO 07-4) (Algo) [The following information applies to the questions displayed below] During 2021, your clients, Mr. and Mrs. Howell, owned the following investment assets Investment Assets 300 shares of IBM common 200 shares of IBM common 3,000 shares of Apple preferred 2,100 shares of Cisco common 420 shares of Vanguard mutual fund i Date Acquired 11/22/2018 4/3/2019 12/12/2019 8/14/2020 3/2/2021 Purchase Price $ 10,360 "No commissions are charged when no-load mutual funds are bought and sold. 43,260 148,000 52,600 14,800 Broker's Commission Paid at Tine of Purchase $100 300 1,300 558 No-load fund Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund in 2021 and to reinvest in municipal bonds. The following investment assets were sold in 2021; Broker's Commission Paid at Investment Assets Date Sold Sale Price Time of Sale 300 shares of 18 common 5/6 $13,000 $100 3,000 shares of Apple preferred 20/5 221,500 2,000 2,100 shares of Cisco common 8/15 63,260 650 451 shares of Vanguard mutual fundi 12/21 15,800 No-load fund "No commissions are charged when no-load mutual funds are bought and sold The Howells broker issued them a Form 1099-B showing the sales proceeds net of the commissions paid. For example