Problem 7-34 (b) (LO. 5) Determine the realized, recognized, and postponed gain or loss, as well as the new basis for each of the following qualified like-kind exchanges. If an amount is zero, enter "O". Adjusted Basis of Old Asset Fair Market Value of New Asset Boot Given Boot Received $25,000 $0 $30,000 $9,000 in 9,000 1,000 6,000 o 18,000 55,000 8,000 o 19,000 72,000 13,000 45,000 120,000 o 0 12,000 57,000 95,000 w 0 Adjusted Basis of Old Asset Gain/Loss Realized Recognized Postponed New Basis $25,000 Gain $9,000 Loss 4 $72,000 Loss 4 + $13,000 Gain 0 + $45,000 Gain 0 + $120,000 Loss 0