In year 0, Javens Incorporated sold machinery with a fair market value of $400,000 to Chris. The machinery's original basis was $317,000, and Javens's accumulated depreciation on the machinery was $50,000, so its adjusted basis to Javens was $267,000. Chris paid Javens $40,000 immediately (in year 0) and provided a note to Javens indicating that Chris would pay Javens $60,000 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 are the amount and character of the gain that Javens will recognize in year 0 ? Note: Do not round intermediate computations