Mr. and Mrs. Garcia purchased a residence on June 12, 2019, for $175,000. On March 12, 2022, they sell the residen for $320,000, and selling expenses amount to $6,000. They purchase another house in a new subdivision for $310,00 Requirement Determine the gain realized and recognized. (For zero amounts, make sure to enter " 0 " in the appropriate input field.) Begin by calculating the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. (Complete all input fields. For zero amounts, make sure to enter "0" in the appropriate field.) (Enter a "0" for zero amounts.) The recognized gain is Babson Corporation owns an office building with a $250,000 adjusted basis. The building is destroyed by a tornado. The insurance company paid $450,000 as compensation for the loss. Eight months after the loss, Babson uses the insurance proceeds and other funds to acquire a new office building for $377,000 and machinery for one of the company's plants at a $91,000 cost. Requirement Assuming that Babson elects to defer as much of the gain as possible, what is the recognized gain, the basis for the new office building, and the basis for the machinery acquired? (Complete all input fields. Enter a "0" for any zero balances.) The recognized gain is The basis for the new office building is