Content AreaChloe purchased land as an investment 16 years ago. The land cost $50,000. In the current year, the land is sold for a total sales price of $120,000, consisting of $10,000 cash and the buyer's note for $110,000. Assume that Chloe uses the installment method to recognize the gain and receives only the $10,000 down payment in the year of sale. How much gain (rounded to the nearest dollar) should Chloe recognize in the current year? a. $5,833 b. $7,000 c. $9,000 d. $4,166