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WIR Seved Help Save & Eat Sub Check my wor 12 1 points Prater Incorporated...

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Accounting

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WIR Seved Help Save & Eat Sub Check my wor 12 1 points 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 Transferred THV Original Basis Depreciation Warehouse $ 300,000 $ 225,000 $ 45,000 Land 50,000 50,000 Mortgage on warehouse 30,000 Cash 20,000 20,000 Assets Received IMV Land $ 340.000 What are Prater's realized and recognized gain on the exchange and its basis in the assets it received in the exchange? ook Amount Description Realized gain Recognized gain Adjusted basis in new property

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