Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle

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Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years. In addition, Kyle paid $6,000 in commissions on the sale. What is the gross profit to be recognized in the current year?

a) $0

b) $9,600

c) $12,000

d) 30,400