Jason exchanged land for another lot of land. The old land had an adjusted basis of $21,500, and the new land had an FMV of $33,250. Jason also paid $8,750 cash in the exchange. What are the recognized gain or loss and the basis of the land? Multiple Choice ($11,750) and $12,750. $9,750 and $21,500. $0 and $21,500. $0 and $30,250