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Jefferson Millinery Inc. (JMI) decided to liquidate its wholly-owned subsidiary, 8 Miles High Inc. (8MH). 8MH had the following tax accounting balance sheet: Appreciation Cash Building Land Total FMV $284,250 76,250 208,000 $568,500 Adjusted Basis $284,250 21,500 124,500 $430,250 54,750 83,500 $138,250 a. What amount of gain or loss does 8MH recognize in the complete liquidation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized b. What amount of gain or loss does JMI recognize in the complete liquidation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized