Larry Gaines, a single taxpayer, age 42, sells his personal residence on November 12, 2020, for $297,200. He lived in the house for 7 years. The expenses of the sale are $20,804, and he has made capital improvements of $8,916. Larry's cost basis in his residence is $172,376. On November 30, 2020, Larry purchases and occupies a new residence at a cost of $371,500.

Calculate Larry's realized gain, recognized gain, and the adjusted basis of his new residence.