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\ Required information\ Problem 11-62 (LO 11-6) (Static)\ [The following information applies to the questions displayed below.]\ Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year, a tornado hit the property and completely destroyed it. This year, Baker received an insurance settlement. Baker had originally purchased the building for

$350,000

and had claimed a total of

$100,000

of depreciation deductions against the property.\ What are Baker's realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios?\ Note: Leave no answers blank. Enter zero if applicable.\ Problem 11-62 Part-b (Static)\ b. Baker received

$450,000

in insurance proceeds and spent

$500,000

rebuilding the building during the current year.\ \\\\table[[Description,Amount],[,],[Basis of replacement property,]]

Required information Problem 11-62 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year, a tornado hit the property and completely destroyed it. This year, Baker received an insurance settlement. Baker had originally purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. What are Baker's realized and recognized gain or (loss) on this transaction and what is its basis in the new building in the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Problem 11-62 Part-b (Static) Baker received $450,000 in insurance proceeds and spent $500,000 rebuilding the building during the current year