Russell Corporation sold a parcel of land valued at $522,500. Its basis in the land was $373,587. For the land, Russell received $63,000 in cash in year 0 and a note providing that Russell will receive $248,000 in year 1 and $211,500 in year 2 from the buyer.

a. What is Russells realized gain on the transaction?

b. What is Russells recognized gain in year 0, year 1, and year 2?