QUESTION 14 14. The partnership between Gary Jones and Jeffery Blaze share income and losses in a of 3:1, respectively. At the end of December 31, 2020, they decided to liquidate the partnership. The following information was available to you prior to the commencement of liquidation: Cash Inventory Accounts Payable Gary Jones Cap Jeffery Blaze Cap 20,000 50,000 5,000 45,000 20,000 Additional Information: 1. Inventory was sold for $55,000. 2. Liabilities were paid 3. Cash distributed to partners after liquidation How much of the gain/loss on sale of inventory was allocated to Gary? A $3,750 Gain B. $3,850 Loss C. $3,750 Loss D. $3,850