Johnson Incorporated and C&K Company entered into an exchange of real property. Here is the information for the properties to be exchanged.

Johnson C&K

FMV $ $900,000$ $ $675,000$

Adjusted tax basis $593,000462,000$

Mortgage $200,000-$O$-$

Pursuant to the exchange, C&K paid $$25,000$ cash to Johnson and assumed the mortgage on the Johnson property. Compute C&K gain recognized on the exchange and its tax basis in the property received from Johnson.