Problem 17-38 (Algorithmic) (LO. 2, 3) Copper Industries (a sole proprietorship) sold three 1231 assets during 2021. Data on these property dispositions are as follows: Asset Rack Accumulated Cost Acquired Depreciation Sold For Sold On $62,000 10/10/18 $40,300 $31,000 10/10/21 24,800 10/16/17 12,400 9,300 10/10/21 55,800 03/12/20 18,600 31,000 10/10/21 Forklift Bin If an amount is zero, enter "o". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Character of Gain or Loss Total Amount of Gain or Loss Amount of 1245 Recapture Balance of Gain or Loss Asset Rack Ordinary income 21,700 x Forklift S 1231 loss Bin 1231 loss Copper has $ of ordinary income due to $ 1245 recapture and s of 1231 loss . Feedback Check My Work b. Assuming that Copper has $6,200 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain