According to the profession's ethical standards, a CPA would be considered independent in which of the following instances?

a. A client leases part of an office building from the CPA, resulting in a material indirect financial interest to the CPA.

b. The CPA has a material direct financial interest in a client, but transfers the interest into a blind trust.

c. The CPA owns an office building and the mortgage on the building is guaranteed by a client.

d. The CPA belongs to a country club client in which membership requires the acquisition of a pro rata share of equity.