Please answer the following questions completely. Please show and label your calculations and explain any facts that you relied upon to make your conclusions.

Frederick and Georgine each own investment properties that they would like to trade. They decide to exchange the properties as a like-kind exchange. The terms the agree upon are: Frederick will transfer real property (Adjusted basis: $52,000; Fair market value $80,000) and Georgine will transfer real property (Adjusted basis: $60,000; Fair market value $92,000). Frederick's property is subject to a mortgage of $12,000 that will be assumed by Georgine.

a. What are Frederick's and Georgine's recognized gains?

b. What is Frederick's adjusted basis in the property received?

c. What is Georgine's adjusted basis in the property received?

d. What would happen if Georgine simply transferred cash of $12,000 to Frederick rather than assuming the mortgage?