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47. George bought the following amounts of Stock A over the years: Number of Shares...

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Accounting

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47. George bought the following amounts of Stock A over the years: Number of Shares Stock A Stock A Stock A Date Purchased 11/21/1994 3/18/2000 5/22/2009 1.000 500 750 Adjusted Basis $24.000 9.000 27,000 On October 12, 2020, he sold 1.200 of his shares of Stock A for $38 per share. a) How much gain loss will George have to recognize if he uses the FIFO method of accounting for the shares sold? 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 5/22/2009 purchase and 450 shares from the 11/21 1994 purchase

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