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In: AccountingAva owned a building held for investment worth $800,000 in whichher basis was $545,000. Ava...Ava owned a building held for investment worth $800,000 in whichher basis was $545,000. Ava owed a $320,000 mortgage on thebuilding. She exchanged the building for a warehouse owned by CaddyCorp. which she intends to use in her business. Caddy assumed Ava’smortgage.Caddy used the warehouse in its business and it intends to useAva’s land in its business. Caddy’s basis in the warehouse was$482,000. Caddy owed a $365,000 mortgage on the building that Avaassumed.Caddy and Ava are completely unrelated.Required: Input a $ answer for each requirement, but SHOWCOMPUTATIONS for partial points.  1) What is the fair value of Caddy’s warehouse that wastransferred to Ava?2) What is Ava’s realized gain (loss) on the transaction?3) What is Ava’s recognized gain (loss)?4) What is Ava’s basis in the warehouse?5) What is Caddy’s realized gain (loss) on the transaction?6) What is Caddy’s recognized gain (loss)?7) What is Caddy’s basis in the building?