In year 0 , Javens incorporated sold machinery with a fair market value of $480,000 ta Chrls. The machinery's original basis was $378,480 and Javens's accumulated depreciation on the machinery was $58,000, so its adjusted basis to Javens. was $320,480, Chris pald Javens $48.000 immediately (in year 0 ) and provided a note to Javens indicating that Chris would pay Javens $72.000 a year for slx years beginning in year 1. Required: a. What are the amount and character of the gain that Javens will recognize in year 0 ? b. What amount and character of the gain will Javens recognize in years 1 through 6 ? Complete this question by entering your answers in the tabs below. What are the amount and character of the gain that lavens will recognize in year 0 ? Notes Do not round intermediate computations. In year 0. Javens Incorporated sold machinery with a fair market value of $480,000 to Chrls. The machinery's original basis was $378,480 and Javens's accumulated depreciation on the machinery was $58,000, so its adjusted basis to Javens was $320,480. Chris paid Javens $48,000 Immedlately (in year 0 ) and provided a note to Javens indicating that Chris would pay Javens $72,000 a year for six years beginning in year 1 . Required: a. What are the amount and character of the gain that Javens will recognize in year 0 ? b. What amount and character of the gain will Javens recognize in years 1 through 6 ? Complete this question by entering your answers in the tabs below. What amount and character of the gain will Javens recognize in years 1 through 6 ? Note: Do not round intermediate computations