Problem:
Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. For the land, Russell received $117,750 in cash in year 0 and a note providing that Russell will receive $192,000 in year 1 and $167,750 in year 2 from the buyer (plus reasonable interest on the note). (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Required:
Question 1: What is Russell's realized gain on the transaction?
Question 2: What is Russell's recognized gain in year 0, year 1, and year 2?
Note: Please show guided help with steps and answer.