6 On 31 November 1999 John acquired a lounge for $10,100. John borrowed $900 of the money from Witch Bank. The loan was a fixed interest loan on which John paid interest of $145. John sold the lounge in October 2008 for $11,200. Required: Calculate the Net Capital Gain, if any, to be included in Johns assessable income. Question 7 On 31 November 1999 Frank acquired a painting for $400. Frank borrowed the $400 from the Bank. The loan was a fixed interest loan on which Frank paid interest of $45. Frank sold the painting in October 2014 for $9,000. Required: Calculate the Net Capital Gain, if any, to be included in Franks assessable income. Question 8 On 31 March 1997 Frank acquired a lounge suite for $9,999. Frank borrowed the $7,999 from the Bank. The loan was a fixed interest loan on which Frank paid interest of $4,444. Frank sold the lounge suite in October 2014 for $20,000. Required: Calculate the Net Capital Gain, if any, to be included in Franks assessable income.