Problem 11-61 (LO 11-6) (Algo) Proter 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: De Transferred Warehouse Land Mortgage on warehouse Cash FMV $ 322,500 60,500 52,000 18,000 Accumulated Original Basis Depreciation $ 317,000 $ 69,000 60.500 18,000 Assets Received Land FMV $ 349,000 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Description Realized gain Recognized gain Adjusted basis in new property Amount $ 401,000 $ 297,000 627