(Solved): I need help in Part a b c and d show work plz Problem 11-62 (LO 11-6) (Static) [The following inform ...

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 answer blank. Enter zero if applicable. roblem 11-62 Part-a (Static) Baker received $\$450,000$ in insurance proceeds and spent $\$450,000$ rebuilding the building during the current year. 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 answer 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. 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 answer blank. Enter zero if applicable. Problem 11-62 Part-c (Static) c. Baker received $\$450,000$ in insurance proceeds and spent $\$400,000$ rebuilding the building during the current year. 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 answer blank. Enter zero if applicable. Problem 11-62 Part-d (Static) d. Baker received $\$450,000$ in insurance proceeds and spent $\$450,000$ rebuilding the building during the next three years.