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On June 15, 2021, Allen sold land held for investment to Stan for $56,000 and an installment note of $270,000 payable in five equal annual

On June 15, 2021, Allen sold land held for investment to Stan for $56,000 and an installment note of $270,000 payable in five equal annual installments beginning on June 15,2022 , plus interest at 10%. Allen's basis in the land is $189,080. What amount of gain is recognized in 2021 under the installment method? Multiple Choice $0 $23,520 $189,080 $56,000

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