Exerclse $18-31($Algorithmic$)($LO$,4)$

In $2023,$ Skylar sold equipment for $$35,200$ cash and a $$352,000$ note due in two years. Skylar's cost of the property was $$281,600,$ and he had deducted depreciation of $$168,960.$

If requlred, round any division to two decimal places and your final answers to the nearest dollar.

a$.$ Under the installment sales method, what is Skylar's total realized gain?

$

b$.$ In the year of sale, how much $$1245$ gain does Skylar recognize?

$

How much gain can be deferred under the installment sale method?

$