John bought an investment property which he rented out to various tenants. When he retired, Tim sold the below listed assets. Purchase Price Sale Price Purchase Date Sold Date Vacant Land $200,000 $220,000 1 July 2000 ** 30 June 2020 Rental Property $400,000 $780,000 1 July 2000 ** 30 June 2020 Jet Ski $10,500 $5,500 1 July 2000 ** 30 June 2020 Painting $150 $1.3m 1 July 2000 ** 30 June 2020 Boat $11,700 $19,900 1 July 2000 ** 30 June 2020 Additional Information: Tim informs you that he made a $7,500 loss on the sale of his shares in the previous financial year which he is yet to apply. Required: Calculate Tim's Net Capital Gain for the 2020 income year. (All calculations must be shown)