In year o, Javens Inc sold machinery with a fait market value of $450,000 to Chris. The machinery's original basis was $355,500 and Javens's accumulated depreciation on the machinery was $55,000, so its adjusted basis to Juvens was $300.500. Chris paid Javens $45.000 immediately in year O) and provided a note to Javens indicating that Chris would pay Javens 567.500 a year for six years beginning in year 1 a. What are the amount and character of the gain that Javens will recognize in year 07 b. What amount and character of the gain wil Javens recognize in years through 67 Complete this question by entering your answers in the tabs below. Required Required What are the amount and character of the gain that savens will recognize in year 07 (Do not round intermediate computations) Amount Description Recognized Gain Character of Recognized Ordrwy Gun 51231 Required B Prey 14 In year Javers Inc. sold machinery with a fair market value of $450,000 to Chris. The machinery's original basis was $355 500 and Javens's accumulated depreciation on the machinery was $55.000, so its adjusted basis to Javens was $300 500. Chris paid Javens $45,000 immediately in yearand provided a note to Jovens indicating that Chris would pay Javens 567500 a year for six years beginning in year a. What are the amount and character of the gain that savens will recognize in year ? b. What amount and character of the gain will Jovens recognize in years through 62 Complete this question by entering your answers in the tabs below. Required A Required What emount and character of the gain wit severu recognize in years 1 through e? (ou not found intermediate computations creditar Required A CPA 14.54 Ned o 8