Watson, a calendar year corporation, reported $1,250,000 net income before tax on its financial statements prepared in accordance with GAAP. During the year, Watson exchanged one piece of commercial real estate for another. The real estate given in the exchange had an original cost of $550,000, accumulated book depreciation of $350,000, and accumulated tax depreciation of $410.000. The real estate recelved in the exchange has a $650,000FMV. Required: a. Calculate Watson's book gain on the exchange. b. Calculate Watson's tax gain tealized and recognized on the exchange. c. Assuming no other book tax differences calculate Watsons taxable income #) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Caiculote Wotson's tax gain realired ond recognired on the exchange. Watson, a calendar year corporation, reported $1,250,000 net income before tax on its financlal statements prepared in accordince with GAAP. During the year, Watson exchanged one plece of commerclal real estate for another. The real estate given in the exchange had an original cost of $550,000, accumulated book depreciation of $350.000, and accumulated tax depreciation of $410.000. The real estate recelved in the exchange has a $650,000FMV. Required: 0. Calculate Watson's book gain on the exchange. b. Calculate Watson's tax gain realized and recognized on the exchange. c. Assuming no other book/tax differences, calculate Watson's taxable incortie. (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Assuming no other book/tax differences, calculate Watson's taxable income