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 FMV Original Basis Accumulated Depreciation Warehouse $ 495,000 $ 267,000 $ 57,000 Land 67,500 67,500 Mortgage on warehouse 41,750 Cash 24,000 24,000 Assets Received FMV Land $ 544,750 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange?