On 5/2/20, James used the entire sales proceeds plus an additional $ 10,000 and purchased replacement equipment for $ 50,000. Which of the following statements are true? a. James will recognize a gain of $11,000 in 2020. b. James will not recognize a gain in 2020. c. Jamess basis in the new equipment will be $39,000. d. Two of the choices shown are correct. e. None of the choices shown are correct