Required information Problem 7-47 (LO 7-2) (Static) (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 1,000 500 750 Adjusted Basis $ 24,000 9,000 27,000 On October 12, 2021, he sold 1,200 of his shares of Stock A for $38 per share. Problem 7-47 Part-a (Static) 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 7-47 (LO 7-2) (Static) [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 1,000 500 750 Adjusted Basis $ 24,000 9,000 27,000 On October 12, 2021, he sold 1,200 of his shares of Stock A for $38 per share. Problem 7-47 Part-b (Static) 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 750 shares from the 5/22/2010 purchase and 450 shares from the 11/21/1995 purchase? Gain or loss to be recognized