Mr$.$ Zhao owns a sole proprietorship. The business assets have a $$296,000$ aggregate adjusted basis. According to an independent appraisal, the business is worth $$483,000.$ Mr$.$ Zhao transfers his business to ZJL Corporation in exchange for $1,000$ shares of ZJL stock. In each of the following cases:Required:Compute Mr$.$ Zhaos recognized gain on the exchange of assets for stock. Assume immediately after the exchange, ZJL has $20,000$ shares of outstanding stock, of which Mr$.$ Zhao owns $1,000$ shares.Compute Mr$.$ Zhaos recognized gain on the exchange of assets for stock. Assume immediately after the exchange, ZJL has $1,500$ shares of outstanding stock, of which Mr$.$ Zhao owns $1,000$ shares.Compute Mr$.$ Zhaos recognized gain on the exchange of assets for stock. Assume immediately after the exchange, ZJL has $1,200$ shares of outstanding stock, of which Mr$.$ Zhao owns $1,000$ shares.