Logan and Johnathan exchange land and the exchange qualifies as like-kind under 1031. Because Logan's land (adjusted basis of $193,000) is worth $231,600 and Johnathan's land has a fair market value of $183,350, Johnathan also gives Logan cash of $48,250

. a. What is Logan's recognized gain?

b. Assume instead that Johnathan's land is worth $90,000 and he gives Logan $10,000 cash. Now, what is Logan's recognized gain?