Nicki and Minaj exchange real estate in a like-kind exchange. Nicki's property is subject to a $20,000 mortgage and has a basis of $75,000 (fair market value of $112,000). She receives real estate with a fair market value of $92,000 and Minaj assumes the mortgage. What is Nicki's recognized gain and adjusted basis for the real estate received?

Group of answer choices:

$0; $92,000

$20,000; $75,000

$20,000; $92,000

$37,000; $92,000

$17,000; $72,000