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8. (5 pts) Corn Oil owns a 100% WI in a proved lease subject to a 1/8 royalty interest. Corn transfers the WI to Bean Resources for $175,000 and retains a production payment for $250,000 payable out of 50% of the WI share of the revenue. The present value of the production payment is $225,000. Bean is reasonably assured of payment. Corn's capitalized costs in the lease are $300,000 and its Accumulated DD&A for the lease is $140,000. What is the amount of the gain or loss that Corn must record on the transfer (state whether it is a gain or loss amount)? 8. (5 pts) Corn Oil owns a 100% WI in a proved lease subject to a 1/8 royalty interest. Corn transfers the WI to Bean Resources for $175,000 and retains a production payment for $250,000 payable out of 50% of the WI share of the revenue. The present value of the production payment is $225,000. Bean is reasonably assured of payment. Corn's capitalized costs in the lease are $300,000 and its Accumulated DD&A for the lease is $140,000. What is the amount of the gain or loss that Corn must record on the transfer (state whether it is a gain or loss amount)