b. Geraldo is a sales manager who enjoys collecting antique guns. Geraldo attends various shows around the country at which collectors and dealers sell and trade guns. During the current year, Geraldo sells 3 guns for a total of $6,200 (the cost of the guns to Geraldo was $4,000) and purchases 2 guns at a total cost of $2,400. In addition, he exchanges a gun for which he had paid $700 for another gun worth $800.

Geraldo has ? of income from the sale of the 3 guns. He also has ?of income from the gun exchange. The exchange of guns constitutes a realizationhis wealth has increased in an arm's-length transaction. All income received is taxable .

How much income is from the sale of the 3 guns?

How much income was from the gun exchange?