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Jack is an executive at a bank and earns an annual salary of $400,000. Jack has a strong interest in painting and pursues it as
Jack is an executive at a bank and earns an annual salary of $400,000. Jack has a strong interest in painting and pursues it as a hobby. During 2022 , Jack had the following income and expenses from sales of his paintings: Sales: $10,000 Painting Supplies: $3,500 Marketing expenses incurred in advertising his work: ($1,500) Rent expense for studio: ($2,000) How much income (if any) must Jack include in his 2022 income as a result of the paintings? $10,000$3,000$0$6,500
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