Question 3 chapter 7: 5 marks On October 31, 2020, your clients company ABC Co. sold land that it was holding as a capital asset. The total selling price negotiated was $600,000, with a down payment of $200,000 received on the date of sale, and proceeds of $100,000 due January 1 each year starting January 1, 2021 and ending January 1, 2024. ABC incurred selling costs of $5,000 on the sale of the land. ABC purchased the land in 2014 for a cost of $325,000. ABC has a December 31 year end. Required: Calculate the minimum taxable capital gain to be reported by ABC for 2020 and 2021 in respect of the land sale. Show all of your work.