31. Mito Company exchanged land and building worth $970,000 (the tax basis of the asset was $574,800 including the original cost of land of $200,000 and building of $500,250, less accumulated depreciation on the building of $125,450) for a like-kind building worth $950,000 and Mito received $20,000 in cash. As a result, Mito must recognize:

A. $325,200 gain. B. No gain or loss

C. $125,450 gain.

D. $50,000 gain.

E. None of the above