Required information [The following information applies to the questions displayed below.] Russell Corporation sold a parcel of land valued at $592,500. Its basis in the land was $373,275. For the land. Russell received $192,250 in cash in year 0 and a note providing that Russell will receive $195,000 in year 1 and $205,250 in year 2 from the buyer. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is Russell's realized gain on the transaction? Realized gain Required information [The following information applies to the questions displayed below.] Russell Corporation sold a parcel of land valued at $592,500. Its basis in the land was $373,275. For the land, Russell received $192,250 in cash in year 0 and a note providing that Russell will receive $195,000 in year 1 and $205,250 in year 2 from the buyer. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. What is Russell's recognized gain in year O, year 1, and year 2? Year 0 Recognized Gain 1 2