Required information Comprehensive Problem 07-63 (LO 07-1, LO 07-2, LO 07-3, LO 07-4) (Algo) [The following information applies to the questions displayed below] During 2021, your clients, Mr. and Mrs. Howell, owned the following investment assets Investment Assets 300 shares of IBM common 200 shares of IBM common 3,000 shares of Apple preferred 2,100 shares of Cisco common 420 shares of Vanguard mutual fund Date Acquired 11/22/2018 4/3/2019 12/12/2019 8/14/2020 3/2/2021 Purchase Price $ 10,360 "No commissions are charged when no-load mutual funds are bought and sold. 43,260 148,000 52,600 14,000 Broker's Commission Paid at Time of Purchase $ 100 300 1.300 550 No-load fund Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutual fund in 2021 and to reinvest in municipal bonds. The following investment assets were sold in 2021 Investment Assets 300 shares of IBM common 3,000 shares of Apple preferred 2,100 shares of Cisco common 451 shares of Vanguard mutual fund Broker's Commission Paid at Date Sold 5/6 Sale Price $ 13,600 Time of Sale $100 10/51 2,000 8/15 650 No-load fund 12/21 221,500 63,260 15,800 "No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker issued them a Form 1099-B showing the sales proceeds net of the commissions paid. For example, the IBM sales proceeds were reported as $13.700 on the Form 1099-B they received.