Question: Please help with this accounting question. I am having a hard time on finding the answer. Brenda sold investment land for $225,000 in June. Her

Please help with this accounting question. I am having a hard time on finding the answer.

Please help with this accounting question. I am having a hard time

Brenda sold investment land for $225,000 in June. Her basis in the land was $75,000. The purchaser paid Brenda $65,000 cash and gave her his 5-year, interest-bearing note for the $160,000 remaining contract price. In December, Brenda received a $20,000 principle payment on the note. Brenda's recognized gain this year is: O $56,667 C $65,000 OO $150,000 $85,000

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