Mike held land, used in a business, with a fair market value of $250,000 subject to a $70,000 mortgage. Mike exchanged this land for another parcel of land with a fair market value of $130,000. In addition, Mike received $50,000 in cash and the other party assumed the mortgage on Mike's original land. Mike will use the new parcel of land in its business. The land that Mike gave in exchange was purchased by Mike for $100,000 representing his tax basis at the time of exchange. Required: a. What is the amount of Mike's realized gain? b. What is the amount of gain that Mike must recognize? c. What is Mike s adjusted basis in the new land it received in the exchange