Mariah and Carey, a married couple, decided to sell their residence, which had a basis of $210,000. They had owned and occupied the residence for 18 years. They sold the house in April for $880,000. Broker's commissions and other selling expenses amounted to $60,000. They purchased a new residence in August for $350,000. What is the recognized gain and the adjusted basis of the new residence?

Group of answer choices:

$30,000 and $350,000

$110,000 and $350,000

$500,000 and $110,000

$610,000 and $350,000