Exercise 7-21 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 300 shares of stock in Hobbes Corporation, a new startup company, for $123,650. Calvin acquired the stock directly from Hobbes, and it is classified as $ 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid-in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $12,365. Assume that Calvin is single. Assuming that Calvin is single, determine his tax consequences as a result of this sale. If an amount is zero, enter "O". As a result of the sale, Calvin has: Ordinary loss: Short-term capital loss: Long-term capital loss