Metro Corp. traded land A for land B. Metro originally purchased land A for $50,000 and land As adjusted basis was $25,000 at the time of the exchange. The fair market value of land A is $47,000 and Metro trades land A for land B valued at $40,000 and $7,000 cash. Land A and land B are like-kind property. The exchange qualifies as a like-kind exchange. What is Metros recognized gain or loss?