Solved: What are ddd corporation and briggss realized and, Financial Accounting

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What are ddd corporation and briggss realized and

DDD Corporation has agreed to exchange $50,000 and some raw land for a building owned by Jason Briggs. DDD Corporation's land has a value of $600,000, a basis of $200,000 and is encumbered by a $200,000 mortgage that Briggs has agreed to assume. Briggs's building is valued at $450,000 and has a basis of $125,000.

a. What are DDD Corporation and Briggs's realized and recognized gains or loses o the exchange?

b. What are their deferred gains?

c. What are their bases in the properties acquired?

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