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 Original Basis FMV $ 517,500 88,000 Accumulated Depreciation $ 263,000 88,000 $ 52,000 33,750 29,000 29,000 Assets Received FMV Land $ 600,750 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Description Realized gain Recognized gain Adjusted basis in new property Amount