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 $88,000) is worth $105,600 and Johnathan's land has a fair market value of $83,600, Johnathan also gives Logan cash of $22,000. a. Logan's recognized gain is b. Assume that Johnathan's land is worth $95,040 and he gives Logan $10,560 cash. Logan's recognized gain is