In 2022, Skylar sold equipment for $25,000 cash and a $250,000 note due in two years. Skylar's cost of the property was $200,000, and he had deducted depreciation of $120,000.

If required, 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? $fill in the blank 1

b. In the year of sale, how much 1245 gain does Skylar recognize? $fill in the blank 2 How much gain can be deferred under the installment sale method? $fill in the blank 3