Problem 7-25 (Algorithmic) (LO. 2) Katie exchanges a building and land (used in its business) for Tyler's land and building and some equipment (used in its business). Adjusted Basis Fair Market Value Katie's real property $5,840 Tyler's real property Equipment 2,920 2,628 $14,600 11,680 4,380 a. What are Katie's recognized gain or loss and basis for the land and building and equipment acquired from Tyler? Her recognized is $ Her adjusted basis in the land and building she acquired from Tyler is and her adjusted basis in the equipment is $ b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Katie? Tyler's recognized is $ and his adjusted basis in the land and building he acquired from Katie is