Golf Corporation (the Company), which is a C Corporation, maintains its books and records on the accrual method of accounting and files its income tax returns under the same method. The Company has a calendar year end. During 2021, the Company collected the final payment on the instalment sale of a piece of land entered on January 1, 2018. The principal collection in 2021 was $30,000 and at the time of the original sale, the computed gross profit percentage was 30 percent. During 2021, the Company did not receive any tax-exempt income nor have any non-deductible expenses. The Company did not make any 2021 federal or state income estimated tax payments. For both book and tax purposes the Company's equipment is fully depreciated. The Company operates exclusively in Virginia where the corporate income tax rate is 6%. The Company's trial balance follows. Golf Corporation Trial Balance 12.31.21 Debit Credit Cash 125,000 Accounts receivable 95,000 Land 2,000 Instalment note receivable 0 Equipment 750,000 Accumulated depreciation Common stock Paid in capital in excess of par Retained earnings Interest on instalment note receivable Sales Expenses 750,000 2,500 47,500 46,150 850 875,000 750,000 1,722,000 1,722,000 Required: 1. Calculate the 2021 gain associated with the Company's collection of the final instalment payment related to the 2018 sale of the land. 2. Calculate the Company's 2021 Virginia taxable income.