Tripper Mansfield sold rental property for $230,000. Five percent of the sales price was allocated tothe furnishings. Mansfield originally purchased the home (a condominium) as his principal residence back in 1992. he paid $160,000 for the home and spent $35,000 on its furnishings. From 1992-2003, mansfield made improvements tothe home totaling $34,000.On March 4, 2004, he converted the home to rental property. The fair market value of the home itself at the time of the conversion was $182,000. The fair market value of the furnishings were $5000. Mansfield used MACRS to depreciate both the condo and its furnishings. No bonus depreciation or section 179 expense was taken on the furnishings. This was the only depreciable property Mansfield placed in service during 200. compute Mansfield's recognized gain or loss on the sale of the home and on the sale of its furnishings.