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: original Accumulated reciation Transferred FMV Basis Dep Warehouse Land Nortgage on warehouse Cash 36,500 59,500 $84,000 32,750 32,750 $485,000 238,000 59,500 Assets Received FHV Land $540,750 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