! Required information Problem 11-63 (LO 11-6) (Algo) The following information applies to the questions displayed below.] Russell Corporation sold a parcel of land valued at $422,500. Its basis in the land was $268,287. For the land, Russell received $54,000 in cash in year 0 and a note providing that Russell will receive $265,000 in year 1 and $103,500 in year 2 from the buyer. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Problem 11-63 Part-a (Algo) a. What is Russell's realized gain on the transaction? Realized gain Che ! Required information Problem 11-63 (LO 11-6) (Algo) (The following information applies to the questions displayed below. Russell Corporation sold a parcel of land valued at $422,500. Its basis in the land was $268,287. For the land, Russell received $54,000 in cash in year 0 and a note providing that Russell will receive $265,000 in year 1 and $103,500 in year 2 from the buyer. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Problem 11-63 Part-b (Algo) b. What is Russell's recognized gain in year 0, year 1, and year 2? Recognized Gain Year 0 Year 1 Year 2