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On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required:

On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required: Calculate the Net Capital Gain, if any, to be included as Mary's assessable income for the year ending 30 June 2021
Transcribed Image Text:On 1 July 2019 Mary acquired a rare coin for $59440. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which she paid interest of $21,000. Mary sold it in September 2020 for $76515 Required: Calculate the Net Capital Gain, if any, to be included as Mary's assessable income for the year ending 30 June 2021
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