Mason Received $20,000 Cash and Equipment Worth $10,000 in Exchange

Multiple Choice

Mason received $20,000 cash and equipment worth $10,000 in exchange for land that was encumbered by an $80,000 mortgage that the buyer assumed.Mason's basis for the land is $90,000.What is Mason's realized gain or loss on the sale?

A) $20,000 realized gain
B) $10,000 realized gain
C) $10,000 realized loss
D) no realized gain or loss