Scenario: In October 2021, Chen sells property with an adjusted basis of $40,000 for $200,000. The buyer pays Chen $40,000 cash at the time of sale transaction with the remaining $160,000 to be paid in five annual installments of $32,000 beginning in November 2022 with interest at 10%. What is the amount of income to be reported by Chen in 2021? What is the amount of income to be reported in later years? In both cases, ignore interest