Matt sells land with a $ 70 comma 000 adjusted basis for $ 48 comma 000. He incurs selling expenses of $ 3 comma 000. The land is subject to a $ 10 comma 000 mortgage. The buyer, who assumes the mortgage, pays $ 9 comma 500 down and agrees to pay Matt $ 9 comma 500 per year for three years plus interest. The installment obligations are worth $ 28 comma 500. Read the requirements.LOADING... Question content area bottom Part 1 Requirement a. How much gain or loss does Matt report in the year of the sale? (Recall the selling price includes the down payment, installment payments, and outstanding mortgage. Use parentheses or a minus sign to enter a loss.) The amount Matt must report in the year of the sale is