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.

What is Metros realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.)

Problem 11-60 Part-c

c. The fair market value of Land A is $35,000 and Land B is valued at $40,000. Metro exchanges Land A and $5,000 cash for Land B. Land A and Land B are like-kind property.