Exercise 6-31 (Algorithmic) (LO. 4) Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $702,400, fair market value of $913,120). 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 of $ on the distribution. b. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a liability of $772,640. If the real estate is subject to a liability of $772,640, 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 $983,360. If the liability were $983,360, Carrot's recognized on the distribution would be $