Jess and Matt exchange real estate in a like-kind exchange. Jess's basis in the real estate, subject to a $100,000 mortgage, is $350,000 and the fair market value is $500,000. She receives real estate with a fair market value of $400,000 and Matt assumes the mortgage. What is Jesss recognized gain and adjusted basis for the real estate received?

I'm stuck on the fair market value, can you share your work for me? Please and thank you!