Firm M exchanged an old asset with a $$17,200$ tax basis and a $$40,000$ FMV for a new asset worth $$28,000$ and $$12,000$ cash.Required:If the exchange is nontaxable, compute Firm Ms realized and recognized gain and tax basis in the new asset.How would your answers change if the new asset were worth only $$16,500,$ and Firm M received $$23,500$ cash in the exchange?