The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.

Accounts Payable $1,500

Fees Earned $3,600

Accounts Receivable 1,800

Insurance Expense 1,300

Prepaid Insurance 2,000

Land 3,000

Cash 3,200

Wages Expense 1,400

Drawing 1,200

Capital 8,800

Prepare a trial balance. The total of the debits is Select one:

a. $9,700

b. $13,900

c. $11,200

d. $12,700

Barry owns a 50 percent interest in b& b interests, a partnership. his brother, benny, owns a 35 percent interest in that same partnership, and the remaining 15 percent is owned by an unrelated individual. during 2016, barry sells a rental property with a basis of $60,000 to b& b interests for $100,000. the partnership intends to hold the rental as inventory for resale. what is the amount and nature of barry’s gain or loss on this transaction?