Ch 11 Practice Saved Help Save & Exit Submit 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 Original Accumulated Depreciation Transferred FMV Basis Narehouse Land Mortgage on warehouse Cash $ 345,000 253,000 58,500 $75,000 58,500 33,000 21, 500 points 21,500 Skipped Assets Received Land FMV $392,000 eBook Hint What is Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? Ask Realized gain Recognized gain Adjusted basis in new property Print References