In year o, Javens Inc. sold machinery with a falr 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 pald Javens $40,000 Immediately in year O) and provided a note to Javens Indicating that Chris would pay Javens $60,000 a year for six years beginning in year 1. a. What is the amount and character of the gain that Javens will recognize In year o? 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 is the amount and character of the gain that Javens will recognize in year 0? (Do not round intermediate computations.) Amount Description Recognized Gain Character of Recognized Gain: Ordinary Gain $1231 gain (Required A Required B >