How do I calculate Gain and Loss for part 1 and Gross Profit and Taxable Income for part 2 please? Can someone help me start on this assignment? Thank you.

e ACC121 32623 Lesson Home , R X e ACC121VINVV2 , Lesson 9 , Rela' X + 690' i riosaladotoursearc.com/content/acc1Z1-in-v2/Iesson>9>reIated-parties-business-property-and-instaIlment-sales/assignments/ Case Study '1 During the current year, ABC Corporation sells a tract of land for $75,000. The sale is made to Bendi, ABC Corporation's sole shareholder. ABC Corporation originally purchased the land 5 years earlier for $98,000. 1. What is the amount of gain or loss that ABC Corporation will recognize on the sale during the current year? 2. Assume that in the following year, Bendi sells the land for $85,000. What is the amount of gain or loss Bendi will recognize? What are the tax consequences to ABC Corporation upon the subsequent sale by Bendi? 3. Assume that in the following year, Bendi sells the land for $70,000. What is the amount of gain or loss Bendi will recognize? 4. Assume that in the following year, Bendi sells the land for $105,000. What is the amount of gain or loss Bendi will recognize? Part 2: Gross Prot and Taxable Income Answer each of the questions below. You must show your calculations and explain your answers. Case Study 2 In Year 1 ABC Company sells equipment to XYZ Company for $400,000 in an installment sale. ABC Company has a basis in the equipment of $250,000. In Year 1 ABC company will receive three payments totaling $300,000 and in year 2 the final payment totaling $100,000. 1. What is the gross profit on the sale? 2. What is the gross profit percentage? 3. How much taxable income is recognized in Year 1? 4. How much taxable income is recognized in Year 2? 5. If the equipment was sold for a price of $100,000 rather than $400,000, how much loss would be recognized in Year 2