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: Original Accumulated Transferred FMV Basis Warehouse $322,500 $ 317,000 Depreciation $69,000 Land 60,500 60,500 Mortgage on warehouse Cash 52,000 18,000 18,000 Assets Received Land FMV $349,000 What are Prater's 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