Required information The following information applies to the questions displayed below. Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange What is Metro's 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.) d. The fair market value of Land A is $45,000 and Metro trades Land A for Land B valued at $40,000 and $5,000 cash. Land A and Land B are like-kind property Answer is complete but not entirely correct. Description Amount (1) Amount realized from Land B40,000 Amount realized from boot $ 15,000* $ 55,000 $ (30,000) cash (3) Total amount realized (4) Adjusted basis (5) Gain realized (6) Gain recognized (7) Deferred gairn $10,000 $ 10,000 $ 30,000 Adjusted basis in Land B