Bailey exchanges property with a fair market value of $$150$ plus $$15$ cash for property worth $$200.$ His cost basis in the property given up was $$125.$ Bailey qualifies to exclude the gain from income. Calculate the recognized and deferred gain.

$$0$ recognized gain; $$0$ deferred gain

$$0$ recognized gain; $$75$ deferred gain

$$15$ recognized gain; $$60$ deferred gain

$$15$ recognized gain; $$0$ deferred gain