Logan and Johnathan exchange land, and the exchange qualifies as like kind under 1031. Because Logan's land (adjusted basis of $195,500) is worth $234,600 and Johnathan's land has a fair market value of $185,725, Johnathan also gives Logan cash of $48,875. a. Logan's recognized gain is $fill in the blank 1 . b. Assume that Johnathan's land is worth $211,140 and he gives Logan $23,460 cash. Logan's recognized gain is $fill in the blank 2