QUESTION 28 3.33 points Serveer Tom operates a charter fishing business. Unfortunately, his boat was completely destroyed when a hurricane hit in 2017. The boat cost $120,000 and had accumulated depreciation of $42,000. Fortunately, Tom had insurance, which paid him $175,000 in 2017 - What is Tom's realized gain? a. $175,000 b. $120.000 C. $97.000 d. $0 e. None of the above QUESTION 29 3.33 points If Tom purchases a new boat for $180,000, what is his recognized gain? a. $97.000 b. $55,000 OG $78,000 d. $0 e. None of the above Assume Tom had only partial coverage of the boat, and the insurance reimbursement was only $50,000. What is Tom's recognized gain or loss? 3.33 points a $28.000 loss b. $28.000 gain OC $78,000 loss d. 550.000 gain e. None of the above