J sold a diamond ring for $3.000 that she purchased for $900 many years earlier. She...

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J sold a diamond ring for $3.000 that she purchased for $900 many years earlier. She also sold a painting for $800 that she h

business accounting

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Answer 1

Answer #1

Solution: $3800
Working:

Sale consideration of Diamond ring   3000
Sale consideration of Painting   800
Net Income    3800
For taxation purposes the net income would take into consideration the items sold in this year

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Answer 2

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J sold a diamond ring for $3.000 that she purchased for $900 many years earlier. She...