Lisa exchanged land with a FMV (fair market value) of $2,650,000 with Lydia for her office building with a FMV of $3,600,000. The exchange meets all the requirements of Section 1031. Lisa also assumed the mortgage on the office building of $600,000 and gives Lydia $350,000 cash. Lisa's basis in the land is $1,150,000. Lydia's basis in the office building is $960,000. Answer the following questions. Show and label your work! No calculations = No credit. 1) What is Lydia's realized gain on the exchange? 2) What is Lydia's recognized gain on the exchange? 3) What is Lydia's basis in the land?