Balance Sheet partnership sold the assets. The balance sheet of the ABC Partnership at December 31 of the current year is as follows: All partners have an equal interest in the partnership. Andy sells his partnership interest to an outsider on December 31 of the current year for $44,000. Andy's basis in the partnership interest is $47,000 (which includes Andy's share of partnership liabilities). Requirement a. What amount does Andy realize on the sale? The amount Andy realizes on the sale = Requirement b. What are the amount and character of Andy's recognized gain or loss on the sale? (Assume that Andy's basis includes the distributive share of partnership income or loss up to the sale date. There is more than one character in the total gain or loss recognized. Enter each character applicable and its amount.)