In a reorganization transaction, shareholder Able receives Y stock having a fair market value of $50,000, Y securities having a fair value of $25,000, and cash in the amount of $15,000. The principal amount of the Y securities received is $26,000. Able surrenders Kraco stock having an adjusted basis of $42,000 and Kraco securities having an adjusted basis of $18,000. The Kraco securities have a principal amount of $20,000.

1. Compute the amount of boot that Able's has received boot.

2. Compute Able's recognized gain is.