Exercise 14-24 (Algorithmic) (LO. 2) Dexter owns a large tract of land and subdivides it for sale. Assume that Dexter meets all of the requirements of 1237 and during the tax year sells the first eight lots to eight different buyers for $135,400 each. Dexter's basis in each lot sold is $94,780, and he incurs total selling expenses of $5,416 on each sale. What is the amount of Dexter's capital gain and ordinary income? If required, round your answers to the nearest dollar. of which 1 Dexter has a realized and recognized gain of $ is classified as ordinary income and as a capital gain. Exercise 14-26 (Algorithmic) (LO. 3) Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $29,900 to obtain an option to buy the land for $598,000 anytime in the next four years. Fourteen months after purchasing the option, Olivia sells the option for $37,375. What is the amount and character of Olivia's gain or loss? She has of $ ordinary income a short-term capital gain a long-term capital gain Exercise 14-27 (Algorithmic) (LO. 3) On May 9, 2021, Glenna purchases 500 shares of Ignaz Company stock for $56,800. On June 30, 2021, she writes a call option on the stock, giving the grantee the right to buy the stock for $71,000 during the following 12-month period. Glenna receives a call premium of $568 for writing the call. The call is exercised by the grantee on December 15, 2021. a. What is the amount and character of Glenna's gain or loss? Glenna has of $ from the sale of the stock b. Assume that the original option expired unexercised. What is the amount and character of Glenna's gain or loss? Glenna has of $ ordinary income a short-term capital gain a long-term capital gain