Help with question 8 a. and b., U.S 2018 tax laws apply. If you can provide details on how to reach the answer would be appreciated.

The company has a list of equipment they sold during the tax year. Please review the list and answer the questions below: Equipment Cost Sales Price Luxury Car Computer Furniture MACRS Year Property 5 Year Property 5 Year Property 7 Year Property $36,000 $1,200 $25,000 Accumulated Depreciation $12,000 $1,200 $20,000 $20,000 $200 $10,000 8. What will be the tax treatment as follows for the sale of the Furniture a. Calculate the Realized Gain or Loss: Furniture Amount b. What will be the character and amount of the Recognized gain? Code Section Character 1231 1245 1250