CC Company exchanged a depreciable asset with a $25,000 initial cost and a $11,600 adjusted basis for a new asset priced at $24,000. a. Assuming that the assets do not qualify as like-kind property, compute the amount and character of CC's recognized gain and its basis in the new asset. b. Assuming that the assets qualify as like-kind property, compute the amount and character of CC's recognized gain and its basis in the new asset. Complete this question by entering your answers in the tabs below. Required A Required B Assuming that the assets do not qualify as like-kind property, compute the amount and character of CC's recognized gain and its basis in the new asset. Ordinary gain Basis Required A Required B