TPW, a calendar year taxpayer, sold land with a $535,000 tax basis for $750,000 in February. The purchaser paid $75,000 cash at closing and gave TPW an interest-bearing note for the $675,000 remaining price. In August, TPW received a $55,950 payment from the purchaser consisting of a $33,750 principal payment and a $22,200 interest payment. In the first year after the year of sale, TPW received payments totaling $106,900 from the purchaser. The total consisted of $67,500 principal payments and $39,400 interest payments a. Compute TPW's gain recognized under the installment sale method. b. Compute TPW's tax basis in the note at the end of the year Complete this question by entering your answers in the tabs below Required A Required B Compute TPW's gain recognized under the installment sale method. (Round gross profit percentage to 2 decimal places and final answer to the nearest whole dollar amount.) Gain recognized Required A Required B>