During the current year, Daniel James exchanges land used in his business for a new parcel of land. Daniel's basis in the land is $18,000, and the land is subject to a mortgage of $8,000, which is assumed by the other party to the exchange. Daniel receives new land worth $22,000.

Calculate Daniel's recognized gain on the exchange and his basis in the new land.

Recognized gain	$
Basis in the new land	$