In year 0, Javens Incorporated sold machinery with a fair market value of $500,000 to Chris. The machinery's original basis was $394,000 and Javens's accumulated depreciation on the machinery was $60,000, so its adjusted basis to Javens was $334,000. Chris paid Javens $50,000 immediately (in year 0) and provided a note to Javens indicating that Chris would pay Javens $75,000 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. Required A Required B What are the amount and character of the gain that Javens will recognize in year 0? Note: Do not round intermediate computations. Description Amount Recognized Gain Character of Recognized Gain Ordinary Gain $ 60,000 $1231 gain