Prater Inc. enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. A summary of the exchange is as follows:

Transferred	FMV		Original Basis		Accumulated Depreciation
Warehouse	$	410,000	$	266,000	$55,000
Land		72,500		72,500
Mortgage on warehouse		53,750
Cash		20,750		20,750

Assets Received	FMV
Land	$449,500

What is Praters realized and recognized gain on the exchange and its basis in the assets it received in the exchange?

Realized gain Recognized gain Adjusted basis in new property