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eBook @ Exercise 16-12 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 5 1237 and during the tax year sells the first eight lots to eight different buyers for $92,200 each. Dexter's basis in each lot sold is $64,540, and he incurs total selling expenses of $3,688 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers to the nearest dollar. Dexter has a realized and recognized gain of is classified as ordinary income and as a capital gain. of which