PART B: On 4 January 2006, Jessica signed a contract to purchase a rental property in Red Hill for $520,000. Jessica borrowed $400,000 to fund the purchase of the property from ANZ Bank. She contributed the remaining $120,000 funds from her own savings. Jessica incurred the following costs on 12 February 2006 (being the date of settlement): stamp duty on acquisition of property legal fees on acquisition of property ANZ loan application fees (loan period is 25 years) 12,100 1,100 2,400 Tenants were already occupying the rental property when Jessica purchased the property and the property continued to be income-producing during the entire period of ownership. Jessica provides you with a list of renovations to the property since she purchased the property: 1. On 25 February 2006, Jessica spent $9,400 repairing the roof. Soon after purchasing the property, Jessica became aware that the roof was leaking badly. She was not aware of this fault at the time of purchase. It turns out that the damage had been there for many years. 2. On 1 May 2017, Jessica laid new carpets in the three bedrooms and the lounge room at a cost of $14,000. On 13 June 2020, Jessica sells her Red Hill rental property under a contract of sale for $940,000. Sales commission came to $28,000. During the entire ownership period, Jessica has also claimed capital works allowance deductions totalling $46,000 pursuant to Division 43 of the ITAA (1997). Jessica has also incurred the following expenses in relation to the Red Hill rental property over the entire period of ownership interest expense on loan 116,400 landlord insurance 15,750 minor deductible repairs and maintenance 3,190 depreciation on items in the rental property 12,950 council rates and water charges 16,710 Lastly, Jessica informs you that she has carry-forward capital losses of $9,000 relating to the sale of some Qantas Ltd shares in 2017. REQUIRED: Calculate Jessica's total net capital gain for inclusion in her 2020 income tax return using the CGT discount method Please show all workings. Please show each cost item separately in your cost base calculations. Please note that marks will be deducted if students include extra items in the cost base that should not in fact be included. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your answer. PART B: On 4 January 2006, Jessica signed a contract to purchase a rental property in Red Hill for $520,000. Jessica borrowed $400,000 to fund the purchase of the property from ANZ Bank. She contributed the remaining $120,000 funds from her own savings. Jessica incurred the following costs on 12 February 2006 (being the date of settlement): stamp duty on acquisition of property legal fees on acquisition of property ANZ loan application fees (loan period is 25 years) 12,100 1,100 2,400 Tenants were already occupying the rental property when Jessica purchased the property and the property continued to be income-producing during the entire period of ownership. Jessica provides you with a list of renovations to the property since she purchased the property: 1. On 25 February 2006, Jessica spent $9,400 repairing the roof. Soon after purchasing the property, Jessica became aware that the roof was leaking badly. She was not aware of this fault at the time of purchase. It turns out that the damage had been there for many years. 2. On 1 May 2017, Jessica laid new carpets in the three bedrooms and the lounge room at a cost of $14,000. On 13 June 2020, Jessica sells her Red Hill rental property under a contract of sale for $940,000. Sales commission came to $28,000. During the entire ownership period, Jessica has also claimed capital works allowance deductions totalling $46,000 pursuant to Division 43 of the ITAA (1997). Jessica has also incurred the following expenses in relation to the Red Hill rental property over the entire period of ownership interest expense on loan 116,400 landlord insurance 15,750 minor deductible repairs and maintenance 3,190 depreciation on items in the rental property 12,950 council rates and water charges 16,710 Lastly, Jessica informs you that she has carry-forward capital losses of $9,000 relating to the sale of some Qantas Ltd shares in 2017. REQUIRED: Calculate Jessica's total net capital gain for inclusion in her 2020 income tax return using the CGT discount method Please show all workings. Please show each cost item separately in your cost base calculations. Please note that marks will be deducted if students include extra items in the cost base that should not in fact be included. There is no need to quote sections of the ITAA (1936) or ITAA (1997) in your