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	$	392,500	$	311,000	$94,000
Land		90,500		90,500
Mortgage on warehouse		50,500
Cash		23,000		23,000

Assets Received FMV

Land $455,500

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