Russell Corporation sold a parcel of land valued at $615,000. Its basis in the land was $479,700. For the land, Russell received $105,000 in cash in year 0 and a note providing that Russell will receive $189,000 in year 1 and $321,000 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

a. What is Russells realized gain on the transaction?

Realized Gain__________?

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

YEAR 0 RECOGNIZED GAIN____?

YEAR 1 RECOGNIZED GAIN____?

YEAR 2 RECOGNIZED GAIN____?