Problem 09-09 (Algo) [LO 9-1, 9-2, 9-3] CC Company exchanged a depreciable asset with a $22,500 initial cost and a $11,100 adjusted basis for a new asset priced at $21,500. Required: Assuming that the assets do not qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset. Assuming that the assets qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.