Will and Grace are friends. Will is a self-employed art teacher and Grace helps out as a part-time assistant. Grace has control of her work and is not an employee. Y . Will collected teaching fees of $126,000. One student had to withdraw, and Will gave back the $1,800 fee. Grace did only a little work this year. Will paid Grace $2,200 and sent her a 1099-MISC. Will paid $800 for fliers and $200 for business cards. He paid $500 to an agency to get his name out in the public. He paid $14,000 for art and teaching supplies. He paid $1,200 for the year for office phone services used 100% by the teaching effort. He donated $1,000 to the Center for Art Appreciation. He didn't bring any other information to the interview for getting his tax return prepared. 2. What amount should be on Schedule C, Line 5? Choose one answer. a. $127,800 X b. $126,000 c. $124,200 d. $0