Problem 11-61 (LO 11-6) (Algo) Prater Inc. 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 $71,000 Transferred Warehouse Land Mortgage on warehouse Original FMV Basis $492,500 $ 235,000 71,000 71,000 36,750 27,250 27,250 Cash Assets Received Land FMV $554,000 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Realized gain Recognized gain Adjusted basis in new property