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:

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: Accumulated Depreciation $ 55,000 Transferred Warehouse Land Mortgage on warehouse Cash Original Basis $ 266,000 72,500 FMV $ 410,000 72,500 53, 750 20,750 20,750 Assets Received Land FMV $ 449,500 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Amount Description Realized gain Recognized gain Adjusted basis in new property