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	$	345,000	$	253,000	$75,000
Land		58,500		58,500
Mortgage on warehouse		33,000
Cash		21,500		21,500

Assets Received	FMV
Land	$392,000

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

What is Prater's adjusted new basis in property?