Problem 08-11 (Static) [LO 8-2] In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and the purchaser's note for $90,000. The note is payable in equal installments of $45,000 in years 2 and 3. Required: 3. Compute Maxim's realized gain on the sale of the land. 1:. Compute Maxim's gross prot percentage on the sale of the land under the installment sale method. c. Compute Maxim's recognized gain under the installment sale method in years 1, 2, and 3. Complete this question by entering your answers in the tabs below. Required B Required C Compute Maxim's realized gain on the sale of the land. Realized gain Required A Required B Required C Compute Maxim's gross prot percentage on the sale of the land under the installment sale method. m % Required A Required B Required C Compute Maxim's recognized gain under the installment sale method in years 1, 2, and 3. Gain recognized