Sentiments, Inc., is a greeting card manufacturer. The following selected cost data is for the year ended December 31. Description Dollar Amount Cost of delivery to customers President's salary costs Marketing costs Supervisor salary (factory) Printing ink for cards Factory equipment depreciation Factory utility costs Assembly line worker's wages $16,000 $120,000 $49,000 $90,000 $52,000 $32,000 $24,000 $102,000| $92,000 $4,000 $128,000 $18,000 $68,000 Sales commission Lubricants for factory equipment Pulp paper costs Property taxes on factory Admin costs (head office) Total prime costs for the year are: Total conversion costs for the year are:

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.