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: Accumulated Depreciation $ 47,000 0.14 points Transferred Warehouse Land Mortgage on warehouse Cash Original FMV Basis $435,000 $ 308,000 98,000 98,000 40,000 31,250 31,250 eBook Hint Print Assets Received Land FMV $524,250 References What is 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