D exchanged an apartment complex that he had owned for eight years for farm land. The apartment complex was worth $1,050,000 and D's basis was $475,000. The transferee assumed a note secured by an interest in the property of $800,000. D received $10,000 cash and assumed liability for loans against the farm land he received in the amount of $700,000. How much is D's gain recognized and his basis in the farm land (fair market value -$940,000), respectively? a. $110,000 and $475,000 b. $110,000 and $465,000 c. $0 and $365,000 d. $10,000 and $375,000