Cc company exchanged a depreciable asset with a $22,000 initial cost and a $11,000 adjusted basis for a new asset priced at $21,000. assuming that the assets do not qualify as like-kind property, compute the amount and character of cc’s recognized gain and its basis in the new asset. assuming that the assets qualify as like-kind property, compute the amount and character of cc’s recognized gain and its basis in the new asset.