Prescott gave land to his aunt, Janice. Prescott's basis in the land was $45,000, and its fair market value at the date of the gift was $62,000. Janice borrowed $40,000 from a bank; she used the funds to improve the property. She sold the property to Marshall for $220,000. Marshall paid Janice $80,000 in cash, assumed her $30,000 mortgage, and agreed to pay $110,000 in two years. Janice's selling expenses were $2,000. Marshall is going to pay adequate interest.

a. Janice's basis in the land at the time of the sale is $fill in the blank 1.

b. When computing her realized gain, what amount does Janice use as the selling price and as the contract price? Selling price: $fill in the blank 2 Contract price: $fill in the blank 3

c. Janice's total realized gain on the sale is $fill in the blank 4, but her recognized gain in the year of the sale is $fill in the blank 5.