Mr. and Mrs. Wright purchased a residence on June 12, 2014, for $175,000. On March 12, 2017, they sell the residence for $290,000, and selling expenses amount to $12,000. They purchase another house in a new subdivision for $250,000. Requirement Determine the gain realized and recognized. (For zero amounts, make sure to enter "O" in the appropriate cell.) Begin by calculating the realized gain. First identify the formula, then enter the applicable amounts and calculate the realized gain. (Complete all input cells. For zero amounts, make sure to enter "O" in the appropriate cell.) Realized gain (Enter a "O" for zero amounts.) The recognized gain is $