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 Dep

Warehouse 410,000 266,000 55,000

Land 72,500 72,500

Mortgage on Warehouse 53,750

cash 20,750 20,750

Assets Received FMV

Land 449,500

What is Praters realized and recognized gain on the exchange and its basis in the assets it received in the exchange?