Exercise 20-17 (Algorithmic) (LO. 1) Osprey Corporation stock is owned by Pedro and Pittro, who are unrelated. Pedro and Pittro each own 50% of the stock in the corporation. Osprey has the following assets (none of which were acquired in a 351 or contribution to capital transaction) that are distributed in complete liquidation of the corporation. Fair Market Value Adjusted Basis Cash $824,400 $824,400 Land 494,640 Equipment 659,520 1,236,600 412,200 Assume that Osprey Corporation distributes the land to Pedro and the cash and equipment to Pittro. a. Determine Osprey's recognized gain or loss on the distribution of land. Osprey recognizes a of $ on the distribution of the land. b. Determine Osprey's recognized gain or loss on the distribution of the equipment. Osprey realizes a gain loss of $ on the equipment, of which $ is recognized.