Exercise 13-36 (Algorithmic) (LO. 6) Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $108,000) is worth $129,600 and Johnathan's land has a fair market value of $102,600, Johnathan also gives Logan cash of $27,000. a. Logan's recognized gain is $ x. b. Assume that Johnathan's land is worth $116,640 and he gives Logan $12,960 cash. Logan's recognized gain is $