Problem 09-02 (Algo) [LO 9-1, 9-2] Business K exchanged an old asset (FMV $103,000) for a new asset (FMV $103,000). Business K's tax basis in the old asset was $137,000. Required: a. Compute Business K's realized loss, recognized loss, and tax basis in the new asset assuming the exchange was a taxable transaction. b. Compute Business K's realized loss, recognized loss, and tax basis in the new asset, assuming the exchange was a nontaxable transaction. c. Six months after the exchange, Business K sold the new asset for $119,000 cash. How much gain or loss does Business K recognize if the exchange was taxable? How much gain or loss if the exchange was nontaxable? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Business K's realized loss, recognized loss, and tax basis in the new asset assuming the exchange was a taxable transaction. Note: Losses should be indicated with a minus sign. Amount Realized loss $ 34,000 Recognized loss $ 34,000 Tax basis $ 103,000 < Required A Required B >