Problem 8-37 (a) (LO. 6, 7) Vidal Industries (a sole proprietorship) sold three 1231 assets during 2019. Data on these property dispositions are as follows: Asset Machine #56 Machine #77 Cost $540,000 $425,000 $680,000 Acquired 03/17/15 06/03/16 01/30/18 Depreciation $225,000 $215,000 $385,000 Sold For $300,000 $265,000 $400,000 Sold On 05/20/19 05/20/19 05/20/19 Machine #101 Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter "O". Character of Gain or Loss Total Amount of Gain or Loss Amount of $ 1245 Recapture Balance of Gain or Loss Asset Machine #56 1231 loss Machine #77 Ordinary income $ 55,000 Machine #101 Ordinary income Vidal has $ 160,000 of ordinary income due to 1245 recapture and $ 15,000 of 1231 loss V. Assuming Vidal has no 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. 0 Problem 8-37 (a) (LO. 6, 7) Vidal Industries (a sole proprietorship) sold three 1231 assets during 2019. Data on these property dispositions are as follows: Asset Machine #56 Machine #77 Cost $540,000 $425,000 $680,000 Acquired 03/17/15 06/03/16 01/30/18 Depreciation $225,000 $215,000 $385,000 Sold For $300,000 $265,000 $400,000 Sold On 05/20/19 05/20/19 05/20/19 Machine #101 Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter "O". Character of Gain or Loss Total Amount of Gain or Loss Amount of $ 1245 Recapture Balance of Gain or Loss Asset Machine #56 1231 loss Machine #77 Ordinary income $ 55,000 Machine #101 Ordinary income Vidal has $ 160,000 of ordinary income due to 1245 recapture and $ 15,000 of 1231 loss V. Assuming Vidal has no 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. 0