Johnny Owned a Gas Station with an Adjusted Basis of $300,000

Johnny owned a gas station with an adjusted basis of $300,000. After it was destroyed in a fire, he received $560,000 from the insurance company. Within the next year, he bought a new gas station for $500,000. What is Johnny's recognized gain and what is the basis in the new building?

A) $260,000; $500,000
B) $200,000; $300,000
C) $60,000; $300,000
D) $260,000; $300,000
E) $60,000; $500,000