Samson Corporation sold the following during the year: Two delivery trucks purchased in March 2016 for $78,000 are sold in June for $70,000 Land used for storage for 5 years sold for $400,000 that had a basis of $80,000 Machines with a basis of $200,000 are sold for $75,000 to obtain newer models. A building purchased 8 years ago for $350,000 is sold for $425,000 with an adjusted basis of $300,000 due to depreciation. What is the character and amount of gain or loss recognized? Put your response in Excel.
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