1 You are required to calculate Shannon Johnstone's 'net capital gain" for the 2023/24 income year. Assume Shannon is not entitled to use any of the small business concessions in Division 152 ITAA 1997. In addition to the transactions listed below, Shannon has carried forward losses from the sale of an art sculpture of $300 and $15,000 from the sale of BHP shares. As discussed in workshop 5 Shannon had the following capital assets that steps 1 - 3 have already been considered and therefore we need to determine whether a capital gain or loss is realised for each asset where an exemption does not apply. Jersey (acquired 3 November 2006; disposed 15 May 2024); Collectible asset, no exemptions apply as acquisition cost is greater than $500. Jet Ski (acquired 10 October 2023; disposed 1 May 2024), Personal use asset disregarded because the acquisition cost was $8000 < $10,000. Rare Book (acquired 4 July 2014; disposed 14 June 2024); no exemptions apply because the acquisition cost is taken to be the acquisition of the set which is greater than $500. A commercial building (acquired 20 June 2020; disposed 24 June 2024), no exemptions apply as