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 Assets Received Land FMV $ 481,000 Accumulated Original Basis Depreciation FMV $ 415,000 $ 252,000 70,000 70,000 34,250 30,250 30,250 $ 62,500 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? > Answer is complete but not entirely correct. Description Amount Realized gain $ 261,500 x Recognized gain $ 4,000 Adjusted basis in new property $ 223,500 x