BIUvabX x A LA v Paragraph xyles Dictate Chapter 15 Quiz Andy enters into an exchange in which he gives up his land and equipment for a warehouse on 10 acres of land. Andy assumes the Other party mortgage on the warehouse. A summary of the exchange is as follows: Assets Received FMV Original Basis Accumulated Depreciation Warehouse $300,000 $225,000 $45,000 Land $ 70,000 $ 70,000 Mortgage on Warehouse $ 30.000 Assets Given EMY. Original Basis Land $340,000 $ 200,000 Equipment $ 20,000 $ 10,000 Calculate Andy's realized gain? 2. Calculate Andy's recognized gain? 3. What is Andy's basis in the new property? Page 1 of 1 94 words Focus 113% A W