Question 24 Brenda sold investment land for $320,000 in June. Her basis in the land was $100,000. The purchaser paid Brenda $40,000 cash and gave her a 5-year, interest- bearing note for the $280,000 remaining contract price. In December, Brenda received a $20,000 principal payment on the note. Brenda's total recognized gain for this year is: $220,000 $27,500 $60,000 None of the choice are correct. $41,250