The Whitley Hardware Store had a net monetary asset position of \(\$ 200,000\) on January 1, 1979, at which time an index of the general price level was 100. Transactions during 1979 and associated indices of the general price level (GPI) are listed below.

(1) Purchases, all on account, totaled \(\$ 300,000\) (GPI \(=120\) ).

(2) Sales, all on account, totaled \(\$ 500,000(\mathrm{GPI}=120)\).

(3) Collections from customers for sales on account, \(\$ 350,000\) (GPI \(=125\) ).

(4) Payments to suppliers for purchases on account. \(\$ 200,000\) (GPI \(=125\) ).

(5) Declaration of a \(\$ 100,000\) dividend, payable during January 1980 (GPI \(=150)\). The general price index on December 31, 1979, is 150 .

a Using the two-T-account approach, determine the amount of the monetary gain or loss for 1979.

b Repeat part

a, assuming a net monetary liability position of \(\$ 200,000\) on January 1,1979