Check my work 68 Problem 11-64 (LO 11-6) (Algo) 0.07 points In year 0, Javens Inc. sold machinery with a falr market value of $520,000 to Chris. The machinery's original basis was $408,980 and Javens's accumulated depreciation on the machinery was $62,000, so Its adjusted basis to Javens was $346,980. Chris pald Javens $52,000 Immediately (In year O) and provided a note to Javens Indicating that Chris would pay Javens $78,000 a year for six years beginning in year 1. a. What are the amount and character of the gain that Javens will recognize In year 0? b. What amount and character of the gain will Javens recognize in years 1 through 6? eBook Print Complete this question by entering your answers in the tabs below. Required A Required B What are the amount and character of the gain that Javens will recognize in year o? (Do not round intermediate computations.) Description Amount Recognized Gain Character of Recognized Gain: Ordinary Gain $1231 gain 68 Problem 11-64 (LO 11-6) (Algo) 0.07 points In year 0, Javens Inc. sold machinery with a falr market value of $520,000 to Chris. The machinery's original basis was $408,980 and Javens's accumulated depreciation on the machinery was $62,000, so its adjusted basis to Javens was $346,980. Chris pald Javens $52,000 Immediately (In year O) and provided a note to Javens Indicating that Chris would pay Javens $78,000 a year for six years beginning in year 1. a. What are the amount and character of the gain that Javens will recognize in year 0? b. What amount and character of the gain will Javens recognize in years 1 through 6? eBook Print Complete this question by entering your answers in the tabs below. Required A Required B What amount and character of the gain will Javens recognize in years 1 through 6? (Do not round intermediate computations.) Recognized gain from years 1 through 6