Exercise 20-13 (Algorithmic) (LO. 1) Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $824,800, fair market value of $1,072,240). a. Determine the gain or loss recognized by Carrot on the distribution if no liability is involved. If no liability is involved, Carrot has a recognized on the distribution b. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a Hability of $907,280. If the real estate is subject to a liability of $907,280, Carrot has a recognized of $ c. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $1,154,720. If the liability were $1,154,720, Carrot's recognized on the distribution would be s