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Exercise 17-20 (LO. 1) Aqua Corporation purchases nonresidential real property on May 8, 2016, for...

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Exercise 17-20 (LO. 1) Aqua Corporation purchases nonresidential real property on May 8, 2016, for $1,000,000. Straight-line cost recovery is taken in the amount of $89,765 before the property is sold on November 27, 2019, for $1,500,000 a. Compute the amount of Aqua's recognized gain on the sale of the realty. b. Determine the amount of the recognized gain that is treated as $ 1231 gain and the amount that is treated as $ 1250 recapture due to $ 291 $ 1231 gain: $ $ 1250 recapture due to $ 291: $

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