In 2020, Gabby sold business equipment for $900,000. Under the terms of the contract, Gabby will receive $300,000 in 2020, $ 300,000 in 2021, and $ 300,000 in 2022. Gabby purchased this equipment 2 years ago for $ 855,000 and had claimed depreciation up to the date of sale totaling $285,000. Absent any elections, how much total income will Gabby recognize for tax purposes in 2020? 5110,000 5300,000 $285,000 $190,000 $330.000