Logan and Jonathan exchange land, and the exchange qualifies as like-kind under 1031. Because Logan's land (adjusted basis of $98,000 ) is worth $117,600 and Jonathan's land has a fair market value of $93,100, Jonathan also gives Logan cash of $24,500. a. Logan's recognized gain is \$ b. Assume that Jonathan's land is worth $105,840 and he gives Logan $11,760 cash. Logan's recognized gain is