CC Company exchanged a depreciable asset with a $$26,500$ initial cost and a $$11,900$ adjusted basis for a new asset priced at $$25,500.$Required:Assuming that the assets do not qualify as like$-$kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.Assuming that the assets qualify as like$-$kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.