Loonis Incorporated and Rhea Company formed LooNR Incorporated by transferring business assets in exchange for 1,000 shares of LooNR common stock. Loonis transferred assets with a $820,000 FMV and a $444,000 adjusted tax basis and received 820 shares. Rhea transferred assets with a $180,000 FMV and a $75,000 adjusted tax basis and received 180 shares. Compute Loonis and Rhea's realized and recognized gain on the exchange. Multiple Choice Loonis realized and recognized $376,000 gain. Rhea realized and recognized $105,000 gain. Loonis realized $376,000 gain and recognized no gain. Rhea realized and recognized $105,000 gain. Loonis realized $376,000 gain and recognized no gain. Rhea realized $105,000 gain and recognized no gain. There is not enough information to compute realized and recognized gain