Problem 08-07 (Static) [LO 8-1, 8-2] TPW, a calendar year taxpayer, sold land with a $535,000 tax basis for $750,000 in February. The purchaser paid $75,000 cash at closing and gave TPW an interest-bearing note for the $675,000 remaining price. In August. TPW received a $55,950 payment from the purchaser consisting of a $33,750 principal payment and a $22,200 Interest payment. Required: a. Compute gain realized on the sale. b. Compute gain recognized in the year of sale if TPW elects not to use the installment sale method of accounting. Compute TPW's tax basis in the note at the end of the year. c. Compute gain recognized in the year of sale if TPW uses the installment sale method of accounting. Compute TPW's tax basis in the note at the end of the year. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute gain realized on the sale. Gain realized on sale $ 215,000 Required A Required B >