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	$	435,000	$	308,000	$47,000
Land		98,000		98,000
Mortgage on warehouse		40,000
Cash		31,250		31,250

Assets Received	FMV
Land	$524,250

What are 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