Exercise $17-19($Algorithmic$)($LO$.1)$

Aqua Corporation purchases nonresidential real property on May $8,2021,$ for $$2,730,000.$ Straight$-$line cost recovery is taken in the amount of $$273,000$ before the property is sold on November $27,2024,$ for $$4,095,000.$

a$.$ Compute the amount of Aqua's recognized gain on the sale of the realty.

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b$.$ Determine the amount of the recognized gain that is treated as $$1231$ gain and the amount that is treated as $1250$ recapture $($ordinary income due to $291).$

$1231$ gain: $

$1250$ recapture $($ordinary income due to $291)$: $