7. Wally, Inc., sold the following three personal property assets in year 6 Asset Purchase Date Cost Accumulated Selling Price 5/1/year 3 8/13/year 4 2/18/year4 $5,000 1,200 3,800 Depreciation $3,000 500 1,800 $2,300 2,000 1,500 What is Wally's net Section 1231 gain or loss in year 6? a. $500 loss b. $300 gain c. $800 gain d. $1,600 gain 8. Wally, Inc., sold the following three personal property assets in year 6 Asset Purchase Date Cost Accumulated Selling Price 5/1/year 3 8/13/year 4 2/18/year4 $5,000 1,200 3,800 Depreciation $3,000 500 1,800 $1,300 1,100 1,500 What is Wally's net Section 1231 gain or loss in year 6? a. $500 loss b. $700 loss c. $1,200 loss d. $1,200 gain