Dottie exchanges investment real estate for other investment real estate. The following facts relate to the exchange. Adjusted basis of old property $75,000 FMV of new property $100,000 Cash received...

Dottie exchanges investment real estate for other investment real estate. The following facts relate to the exchange.

Adjusted basis of old property  $75,000

FMV of new property                 $100,000

Cash received by Dottie              $10,000

Mortgage on old property          $30,000

Compute Dottie's recognized gain and basis in the new property.