QUESTION 27 Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? a. $50,000, SO. b. 50, 550,000 c. $25,000, 525,000 d. $10,000, $40,000 QUESTION 28 In year 0, Melloney sold machinery used in her business for $50,000 to Mark. The machinery's original basis was $42,000 and it had accumulated depreciation of $18,000 at the time of the sale. Mark paid Melloney $10,000 at the time of the sale and signed a note providing for payments of S10,000 plus interest for each of the following four years. How much gross income from this sale will be recognized and in which yeur(s)? a. Year 1: 518,000; Years 2-4: $2,000 in each year b. Year 1: S26,000; Years 2-4: 50 in each year c. Year 1: 518,000; Years 2-4: $8,000 in each year d. Years 1-5: S10,000 in each year Years 1-5: 55,200 in each year