Ben sold investment land for $200,000 in June. His basis in the land was $75,000. The purchaser paid Ben $40,000 cash and gave him a 5-year, interest-bearing note for the $160,000 remaining contract price. In December, Ben received a $20,000 principal payment on the note. Compute Ben's gain recognized this year.

A)$125,000

B)$ 60,000

C)$ 37,500

D)$ 22,500