Prater Incorporated enters into an exchange in which it gives up itswarehouse on 10 acres of land and receives a tract of land. A summary of theexchange is as follows: Original >AccumulatedTransferred FMV Basis Depreciation$Warehouse 467,500 S 290,000 5 89,500Land 66,000 66,000Mortgage on 50,750warehouseCash 39,250 297250Assets Received FMVLand $ 522,000 A. What are Prater's realized and recognized gain on the exchange and itsbasis in the assets it received in the exchange? Realized gain _Recognized gain _ Adjusted basis in new property