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 Warehouse Land 8 Mortgage on warehouse Cash Assets Received Land FMV $544,750 Original Accumulated FMV $495,000 67,500 Basis $267,000 67,500 Depreciation $57,000 41,750 24,000 24,000 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Answer is complete but not entirely correct. Realized gain Recognized gain $ 301,500 $ 310,500 Adjusted basis in new property $ 301,500