Question: Please solve and explain math behind it Required information Problem 5-63 (LO 5-2) (Algo) (The following information applies to the questions displayed below.) George bought

 Please solve and explain math behind it Required information Problem 5-63

(LO 5-2) (Algo) (The following information applies to the questions displayed below.)

Please solve and explain math behind it

Required information Problem 5-63 (LO 5-2) (Algo) (The following information applies to the questions displayed below.) George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Stock A Date Purchased 11/21/1995 3/18/2001 5/22/2010 Number of Shares 1,170 585 920 Adjusted Basis $ 28,080 10,530 33,120 On October 12, 2021, he sold 1,455 of his shares of Stock A for $38 per share. Problem 5-63 Part-a (Algo) a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? Gain or loss to be recognized Required information Problem 5-63 (LO 5-2) (Algo) [The following information applies to the questions displayed below.) George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.) Stock A Stock A Stock A Date Purchased 11/21/1995 3/18/2001 5/22/2010 Number of Shares 1,170 585 920 Adjusted Basis $ 28,080 10,530 33, 120 On October 12, 2021, he sold 1,455 of his shares of Stock A for $38 per share. Problem 5-63 Part-b (Algo) b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 920 shares from the 5/22/2010 purchase and 535 shares from the 11/21/1995 purchase? Gain or loss to be recognized

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