Prater Incorporated 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 Warehouse Land Mortgage on warehouse Cash Accumulated Original Basis Depreciation FMV $ 375,000 $ 233,000 77,500 77,500 33,500 21,750 21,750 $ 46,000 Assets Received FMV $ 440,750 Land What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Description Amount Realized gain Recognized gain Adjusted basis in new property