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 Basis Accumulated Depreciation $52,000 Transferred FMV $517,500 $ 263,000 88,000 33,750 29,000 Warehouse Land 88,000 Mortgage on warehouse Cash 29,000 Assets Received FMV Land $600.750 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