Joe purchased depreciable property for $$200,000$ and has accumulated depreciation of $$40,000$ on that property. Joe sells the depreciable personal property for $$300,000.$ Joe accepts $5$ equal payments of $$60,000$ plus interest. The buyer does not assume any liabilities in the transaction. Please compute the gain that Joe will recognize in year one and each of years two through five.

A$.$ WHAT IS THE GROSS PROFIT?

B$.$ WHAT IS THE CONTRACT PRICE?

C$.$ WHAT IS THE GROSS PROFIT $\%?$