Question: Hi, please answer the following question and show your work. Thank you and hope you have a good weekend. Question 5 2.3 pts In 2021,

Hi, please answer the following question and show your work. Thank you and hope you have a good weekend.

Hi, please answer the following question and show
Question 5 2.3 pts In 2021, Gabby sold business equipment for $900,000. Under the terms of the contract, Gabby will receive $300,000 in 2021, $ 300,000 in 2022, and $ 300,000 in 2023. Gabby purchased this equipment 2 years ago for $ 870,000 and had claimed depreciation up to the date of sale totaling $21,000. Absent any elections, how much gain will Gabby recognize for tax purposes in 2021? $21,000 $37.000 $31,000 $51,000 $17,000

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