In year 0 , Javens Incorporated sold machinery with a fair market value of $530,000 to Chris. The machinery's original basis was $416,580 and Javens's accumulated depreciation on the machinery was $63,000, so its adjusted basis to Javens was $353,580. Chris paid Javens $53,000 immediately (in year 0 ) and provided a note to Javens indicating that Chris would pay Javens $79,500 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 are the amount and character of the gain that Javens will recognize in year 0 ? Note: Do not round intermediate computations