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On 26 August 1985, Rechelle purchased a property as her home for $35,000. One...

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Accounting

On 26 August 1985, Rechelle purchased a property as her home for $35,000.

One year later, 26 August 1986, she purchased another property on the same street as a rental property for $38288.

She sold both properties to a property developer on 1 April 2022 for $1,200,000 each.

Required:

Calculate the Net Capital Gain, if any, to be included in her 2022 assessable income.

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